Realtors® can't provide too much service, expert says

Realtor® Jack Cotton, author of Selling Luxury Homes, believes Realtors® should treat every client like a million dollars, regardless of how much money they have to invest. Cotton has been selling million dollar properties for 37 years.

“Many people like to talk about my big sales but I never discriminate on price. For clients who are buying houses in the $300,000, it’s their life and their financial wealth. It’s usually the biggest investment they’ll ever have so you should treat them like a million dollars,” said Cotton, founder of Cotton Real Estate, now Sotheby’s International Realty in Massachusetts.

When treating clients like they’re special, it keeps them coming back. Cotton said he had clients who purchased a $157,000 property to see if they liked the area. “Because we treated these clients just as well as we treated clients who were purchasing higher-priced properties, they had us help them find a $400,000 condo for their mother. They also bought a home for $1.8 million to have a water view property. They bought another house for $3.5 million. After selling that home and leaving the area, we sold the home again and the seller bought another for more than $12 million,” he said.

Cotton said having a process that you execute over and over again helps Realtors® give predictable service to every client.

“The whole idea is that you want to have repeat business,” he said. “People are looking for more value in services today and a valuable experience.”

Cotton started his real estate career in his college dorm room. It took him a year in 1974 to sell his first listing for $21,000. “I was competing with people with great track records and experience. So I took appraisal classes and began writing a narrative appraisal as my version of a CMA for every property. People liked the analysis I did and I began working with attorneys and high-end property owners,” he explained. “Clients buying in the high-end value expertise and they want to work with someone they perceive as an expert. Given the opportunity, people in any price point would want someone with experience representing them.”

He reminds Realtors® not to assume too much when working with buyers or sellers. “We often assume buyers know as much as we do about the process. Take the time to make sure the buyer is on the same page as you are,” he said.

“For sellers, I use a 23-page pre-listing presentation that explains the process so they seller knows what’s going to happen at each meeting and in between,” he explained. “A lot of people see Realtors® as toll takers on the road to getting their house sold.  We’re fighting that perception by teaching our clients about the added value we bring to the transaction. Many Realtors® make our job look too easy. We need to educate sellers about what we do and fight the misconception that we are a commodity by providing extraordinary service.”

Taking the time to learn what motivates the seller is also important. “Doctors don’t prescribe  before they diagnose,” he said. “Too many agents don’t take the time to find out why the client is selling; what’s the  goal of the sale and why that’s important to him. Once you know the answers to these questions you can tailor your presentations and marketing plan to their needs.

“You can never do too much for clients or provide too much service,” Cotton said. “Don’t become a doormat – provide value-added service. For me, real estate is a calling. We have an obligation to provide the best service so our clients can maximize their investments through their interaction with us.”