One of the things we’re really focused on is creating a really good induction and a strong induction in training and support for everybody. Because it’s our goal to get everybody in our business from either no real estate experience to selling or renting in the shortest period of time, right? So that’s what these workshops are about. And from the sounds of you’ve worked through a couple of these, or for the people watching this video, you’ve worked through a couple of these, and it doesn’t matter if it’s sales or if it’s rentals.
A lot of the time in the training, we talk about selling, but selling is essentially the same thing when it comes to sales and rentals, right. It’s just a different contract that you sign and a few differences that you’ll see in some of the training. But ultimately, we’ve built these four pillars.
These are the things that we’ve broken down as the main fundamentals in our business that separate good agents from great agents. And that if you master these, this is how you make a ton of money in our business and have a huge amount of success and become one of the best agents in the entire country. So I met you guys yesterday and I introduced myself, but a little bit of background is that I sold real estate for about nine years myself.
So these principles that we’re teaching and we’re talking about are focused on things that have worked for me, not only just for me, it’s not about me, but our top agents in the business. I’ve had the privilege of speaking to people, helping people, learning from people. And the common theme amongst everybody in our business are these four things.
And I think today, this principle, the first one, is by far the most important. So that’s why know Jessica’s saying and everyone’s saying like a level of attention and focus here, right? And that it’s very much like a relationship in that. Not to get too touchy feely with you guys, we just met, but I want to marry you all.
No, I’m joking. But it’s a relationship, right, where we both have to commit to each other. So our commitment to you and the people watching this video is that we’re going to try to provide you with the utmost amount of support and training to get you from where you are now to making a lot of money, right? But it’s a two way street.
So these workshops are a series of videos that will train you in these areas. And then the workshop aspect of it is that there’s some takeaways to make sure that A, you are applying or sorry, that you comprehend these main principles, and then B, that you’re applying it to working with your clients. So whether you get through all of that in these five days in Bangkok or wherever you are where you’re watching these videos, that’s the approach.
And I hope you’re excited about it. So today we are going to talk about the first one is understanding your clients. And this is really broken down into two tactics, a needs assessment and a needs analysis.
But first, little inspirational quote. No idea who said this, but seek first to understand, then to be understood. And the biggest key in success is understanding your clients.
If you don’t understand who your client is and what they’re looking for, nothing else matters. Doesn’t matter how hard you work, doesn’t matter how you prioritize, doesn’t matter how you try and close. The key to being successful in real estate is understanding your clients.
So there’s two tactics that we use to facilitate this. Number one is the needs assessment and that’s the process of understanding your client and their broad property requirements. So you see the binoculars there.
So it’s kind of from a distance where the needs analysis is diving into those requirements, diving into your customer and really going through with a magnifying glass to understand what they actually need versus what they actually want. And these are the two things that we’re going to look at today. And by the end of this presentation, you should really understand both of these two things and how it really impacts your ability to service your customers.
As I said, mastering both will turn you into an absolute beast, a superstar, and make a ton of money. It’s going to help you better prioritize your clients. It’s going to help with your property recommendations in that it’s going to open up more options for you to recommend to your clients.
It’s going to increase your closing percentage, it’s going to increase the number of referrals that you get. It will make you grow taller. If you don’t have hair, you’ll start growing your hair back, right? It’s the most important thing, right? So if I don’t have your attention now, if you’re not excited about this, you’re in the wrong business.
So when working with buyers, an agent primary role is four things. Number one, the first thing our job is, is to educate, right? And that is broken down into the purchase process, market conditions and legalities. Number two, our role is to advise on clients needs and wants.
As I said, and we’ll get into this a little bit more, it’s understanding what they actually need versus what they actually want and then helping them prioritize those needs and wants and helping them understand whether they’re realistic or whether they’re not. Number three is compare. So based on their needs and wants, then helping them find the perfect property and compare that to other properties based on those needs and wants.
And last but not least is negotiate, right? And there’s a whole other seminar on this which is very important. But when working with buyers, they’re looking to us to be the experts in terms of negotiation and getting them the best value in their property. So in order to succeed in these four tasks.
You must understand who the customer is. So when we refer to that as the customer profile and what they’re looking for in the property. So the property profile and it’s these two things, and until you understand these two things, don’t do anything else, right? And failing to understand these two things, wastes your time and waste the customer’s time as well.
The way to approach this is the needs assessment. So this is the first thing that we’re going to talk about. The needs assessment is also called a discovery call.
It’s also a consultation call or KYC. Know your customer, right? And this is the first step. With every single customer that you get, you have to consult them and call them and get to know the customer to do a needs analysis.
So the definition of a needs analysis is the attempt to collect as much information as possible in order to build a comprehensive understanding of the needs, wants and issues that your clients face. So let’s look at an example of that. So when we generally get a lead, historically, I don’t know who has experience, who doesn’t have real estate experience here.
But historically, a name is very much just a name and a number, right? And that there’s so much that you don’t know about this customer. Like their nationality, right? Are they a foreigner? Are they Thai? Are they foreigner with a Thai partner? Because those things will impact ownership options. It will impact their ability to get finance or not get finance.
Their knowledge. We don’t understand if this is their first purchase. Maybe they’ve bought 100 properties before and know more about real estate than you.
Maybe they’ve never bought a property before. So whether they’re new to buying, they don’t understand the legalities, the purchase process or even market conditions. We don’t know their familiarity with the area, with the projects, with the units.
And we don’t understand their motivation. Are they buying for primary residence, a holiday or pure investment? And then if they are buying for those reasons, their motivation, if they’re buying for a primary residence, do they have kids? Where do they work? Where do they go to school? Right? These things that help you really understand who your customer is. So doing a needs assessment and making sure that that’s the first priority of every client that you have starts to develop a better understanding of who your client is.
So, pre needs assessment, you’ve got Laura, which is a name and a number, right? It comes through our customer support team where there’s a light screening and you can see that it starts to come into focus a little bit. That Laura is an Australian national. She’s looking for a primary residence.
She’s a first time buyer, she lives in Bangkok and she’s available to view anytime. By doing a full needs analysis, by speaking to that customer as an agent, it comes into absolute focus. And that Laura is an Australian national.
She has a Thai spouse. She’s looking for a primary residence because she works at Agoda. She’s lived in Asok for five years.
She’s a first time home buyer who’s renting now. The rental contract expires in three months. She’s currently living at the Ssok and she’s been living there for twelve months.
She has no kids and her husband works in Saiton. So why is all of that important? Sorry, let’s move ahead to this. So that’s the customer profile, the property profile starts off in a similar way.
It starts off where when a lead comes into us, we generally understand that if we look at the property profile, a lead has come in for a condo at a specific price point. It will be a one bedroom in a project name and a location. And that’s kind of a very high level property profile.
But again, there’s a lot that we don’t know about their property requirements. So we know that they’ve inquired on a property in Asok, but is that the only region that they’re interested in? Do they want walking distance? Do they want easy access to other things? So there’s the location, side of it size and type. So they’ve inquired on a one bedroom, but are they interested in a studio? Would they take a two bedroom? They’ve inquired on 50 m².
Do they want smaller? Are they open to bigger? So there’s a lot of things that we don’t know. Are they open to a house? Are they open to off plan versus resale? We don’t understand what features they’re looking for in a property, whether they’re looking for a view or a specific design or a style. And we don’t understand their budget.
So they’ve inquired on an 8 million bought property, but do they have more? Is it cash? Is it finance? So, pre needs assessment, a lead comes in and we have a very basic information about that, about their property requirements. But through doing a needs assessment we start to understand that actually by speaking to the customer, we understand they actually have a 10 million Baht budget and that her husband has been approved for finance up to 10 million Baht. That they’re saying that it must be larger than 50 m², that they’re currently viewing properties at the S.
They prefer the 20th floor above. They’re open to other options as long as it’s walking distance to the public transport to BTS and that they only want completed units that are ready to move in. So what started off as a very basic profile and a basic property information through a needs assessment is now a very detailed consumer profile and a very detailed property profile, right? So we now have a very good understanding of who our customer is and what kind of property they’re looking for.
So who cares? Why does that matter? Right? Doing that now positions you as the agent to add way more value, right? You now have the ability to educate so you know what they know and what they don’t know, right? And you’re able to understand who that consumer is. And based on their knowledge, their familiarity and their motivation, you can start to educate them, which is key in moving them through the five stages of selling. Number two, you can recommend more.
So based on the property profile, your recommendations get better. They’re more interesting, right? They’re hitting more of what their property requirements are, whether it’s opening up to a different location or another project that you now have way more units to recommend to get their interest and again, maintain them through the stages of buying. And it also helps you prioritize.
So based on their responsiveness and the people that are providing you with information, you can get a better understanding where there’s a level of urgency and where you’re adding value, right? It’s a two way street, and that your line of questioning. And your approach allows you to get the information you need to provide the best level of service to your customer. So that’s tactic number one.
Any questions about that so far? Clear. So tactic number two is equally as important, and it’s the difference between good and great agents, and it’s really, really important. So a needs analysis is the second part.
And this is the process of distinguishing between what a client wants, what a client needs, and what a client doesn’t want in a property, which is equally, if not more, important. So let’s look at that a little bit more. So we already spoke about that.
It’s our role as a buying agent to help advise clients on their needs and wants, right? And this is broken down into three main aspects. Number one is must haves. So must haves are things that you cannot live without.
These items are non negotiable. Under all circumstances, needs are slightly more forgiving than the must haves, right? But just slightly. And number three is wants.
So wants are something that a client would love to have, but it won’t deter them if the property matches their needs. All of this is true outside of real estate as well, right? We all probably learned this in high school. This is maybe flashbacks for everybody, but Maslow’s hierarchy of needs, right? And all this demonstrates is that your basic needs must be satisfied first before you move on to more advanced needs, right? And the point is that this is true in real estate and this is true to all other purchases that you make in your life, right? So let’s look at an example.
I recently bought a computer. My must have was that I fly back and forth between Phuket and Bangkok. So I want it to be light, I want it to be portable, and I want it to be reliable.
What I need is basic functionality. I wish I was a programmer, was doing editing and cool things on my computer. I send emails and I browse the internet, right? Basic functionality is all that I really need.
What I want is I want a cool looking computer, right? And so I wanted an apple, right? So the difference between this, I could have bought any computer, right? But it’s understanding that we make these decisions whether it’s buying a computer or whether it’s buying clothes, right? Like, what must you have in clothes? Something that covers your sensitive parts. Right. That’s the point of clothes.
Right. What do you need? Something that’s maybe comfortable and durable, right? What do you want? Maybe you want Gucci pants. Right.
But you don’t need Gucci pants. Right. So it’s understanding that this is the same process for real estate as well.
And the tactic that we’re going to speak about next, and I’ll give you an example of is the difference between good and great agents. These two skill sets are the most important skill sets that you can have as a real estate agent. So the concept is flexing is what I want to introduce you to.
So flexing is the process of questioning your client’s property requirements to create a deeper understanding of your client’s why, right? Why, right. So anytime anybody gives you information, it’s about scraping it down another level for a deeper understanding about what is the motivation behind that want or that need, right? And it comes down to the property profile, the aspects that we spoke about on the property profile, so location, size and type, features and budgets. So one of the ways to demonstrate this is to tell you what not to do.
And this is based on my experience. So I’ll share an embarrassing experience where I did a terrible job in hopes that you guys can learn from my mistakes and not make the same mistakes that I’ve made. Right? So this is an example of a client in Phuket.
What they told me they wanted, right? They told me they wanted four bedrooms. They told me they wanted a pool villa with a sea view. They told me West Coast, they told me they had 100 million baht to spend.
And they told me Thai architecture, right? They’re moving in Thailand. They’re using it as their permanent residence. They want it to be Thai style.
These are their requirements. And I dropped everything I was doing. I searched for all of these properties and I started recommending them and I started viewing and we went out, we looked at these properties.
Nah, brandon not it right. Recommend, recommend, recommend. Slowly, I didn’t have any more properties to show them, right? I showed them literally every single four bedroom that was Thai style on the West Coast that matched their requirements.
And slowly they started becoming a little bit unresponsive. Right. I think if you have experience in real estate, you can probably relate to that, right? Where you have a great connection with a client, you do viewings, you think you’ve got something, and then slowly the communication breaks down.
Right. I was running out of recommendations. I was running out of options.
I didn’t speak to them anymore. And six months later, I bumped into them right. At a coffee shop in Phuket.
Oh, great. How’s your property search going? Brennan right. How’s things? Oh, great.
Blah, blah, blah, blah, blah. So this is what they right. Without me.
Not with me. Right. The exact opposite of what they told me that they wanted.
Right? It’s modern. It’s east coast. Right.
And they told me they bought this, and I was just know. I was in awe. I didn’t even know what to say.
I had the property. I didn’t recommend it because it’s not what they wanted. Right.
So why did this happen? The reason why this happened is I treated everything as a must have. Right. I did a good needs assessment, so I understood what they were looking for, but I didn’t do a good analysis of those needs to understand what were must haves, the must haves for them were very simple.
Right? A pool villa with four bedrooms. That was it. Right.
Where the needs, which were slightly negotiable, was the sea view and 100 million bought budget. But the wants what they could live with, though, was this Thai style on the West Coast. And I totally messed this up because I just listened to them right.
Versus taking that consultive approach and analyzing their needs. I did not flex their initial property requirements. So one of the main takeaways from this presentation is this statement here.
If I would you it is one of the most powerful statements you can use, and it should be part of your vocabulary. Right. Once you’ve introduced yourself, you’ve built Rapport.
I’ve had a bit of small chat, and you really understand their requirements. If I had used this tactic with my client, then I would have sold them that property. Right.
And it goes something like this. So when it comes to the location, you’re looking at the West Coast. If I could find you a property that was Thai style, that hit your budget and had the best sea view you’ve ever seen in your entire life, would you be interested in viewing it? Yes, I would.
Wow. Guess what? They’re not interested in West Coast. Right.
Same thing. Size and type. Again, I didn’t try this, but we can do it with everything.
Now, I have a ton of great options in terms of condos right. That are on the West Coast that hit all of your requirements. If I could show you a great option that blah, blah, blah, would you? Right.
No. Brennan only villas. Okay, cool.
No problem. A must have is a villa features. Right.
This is the one that I messed up massively, was if I could show you a modern property that was perfect for you, would you? Yeah, we’d be interested in it. Great. Right.
So I think you get it? If I would, you super powerful, super important. So let’s take a look at applying that to Laura’s property requirements. Right.
So, Laura, just to remind you, is the lady that we did the needs assessment on earlier, we understood her consumer profile and we understood her property profile. Right. But applying that last lesson in terms of diving in and getting a deeper understanding on that analysis, let’s apply the if I would you statements to Laura’s property requirements and see what we can learn from that.
Right. Looking at the condominium, when I look at what requirements I flex, I look at what stands out. What did they maybe demonstrate as a must have or what is slightly unrealistic? So, for example, a 10 million bought budget for a one bedroom in this area is realistic.
I don’t really need to flex that because it’s a realistic requirement and you don’t want to. If I would, you every single thing that they say to you right. Is going to be pretty annoying.
Right. So you’ve got to find a balance in that. And there’s no perfect rule.
I assume everybody’s smart enough to figure that out. So one of the first things that I would look at is must be larger than 50 m². Right.
That’s pretty specific. So if I could find you Laura right. You’re looking at the S.
The one bedroom units at the S are actually there’s some great units in there at 46, some smaller ones at 42 that are the corner ones that blah, blah, blah, blah, blah. The studios are slightly smaller at 36. So if I could find you a unit in that project that was 46 m², would you be interested in looking at it? Yeah, I would.
Yeah, I saw some of those units, and actually, if it’s above 40, that works for me. Okay, great. Next prefers 20th floor or above? So now we’re talking about features.
Well, when you say 20th floor above, can I ask why is it specifically the 20th is a very specific number. Right. Can you give me a little bit more information? Well, I find that anything on the 20th floor isn’t overlooked from the buildings next door.
Okay, so you’re concerned about privacy? Yes. Well, if I could show you a unit on the backside of the building that overlooks the park and has the school and has no other buildings looking into it, would you consider lower than the 20th? Well, yes. Right.
Because actually, I just don’t want to be overlooked. It’s nothing about the 20th floor. Right.
Completed only. No off plan. Brennan, it’s got to be completed.
I’m not interested in it. Okay, great. Well, you said you have three months left in your contract.
Yes, and I could actually extend for another six months if I wanted to. Right, okay. So you actually need something to move into in nine months from now.
Right. So it can be off plan. It just has to be completed in nine months from now.
Right. So completed only no off plan actually means ready in nine months. Right.
So you see how powerful that is, but you have to understand your client, you have to understand their property requirements before you start using this tactic. Oh, one more location. Walking distance to the BTS.
And this is very popular in Bangkok, right. Everybody wants walking distance to the BTS. Well, one of the first questions is what is walking distance? Right? Like define walking distance to you.
Walking distance for me, know different to anybody in this room, right. So by asking that question that you can get a better understanding that walking distance actually means less than 1 km. Right.
So going through this process of where we started with the pre needs assessment, where we have the basic information about a consumer and the basic information about a property profile, but we’re not clear where to educate and recommend, right? Where next we do our needs assessment and that after that needs assessment, we have a much better understanding of who our consumer is and what their property profile is, but we don’t understand their needs and their wants. Right. So the last step is post flexing, right.
Once they’ve been flexed at this point you can see that actually, again, 8 million is now 10,000,040 m², sorry, 50 above the 20th floor is actually just not overlooked. You can see that walking distance is actually one kilometers and needs to be ready for Occupancy in nine months. You now understand your client, right? So doing this and knowing your customer and their requirements positions you to better understand what information they need, right? Again, we spoke about this earlier, but now I think it’s crystal clear.
So where do you educate, understand your clients property needs and wants, where to advise? Our job is to help them understand and prioritize these needs and wants. Right. If you had to go without one of those things, what would it be? If you had to prioritize modern versus West Coast, what would it be? Right.