Published April 15, 2022

Friday's BOLD LAW "Keep your emotions between the lines"...Use data to help keep your client's emotions under control-George Gillas

Written by The Kristan Cole Team Alaska

Stay in control of your emotions...

This BOLD Law seems particularly appropriate this week because, as a MAPS Coach, I have had several conversations about emotions in last few days. Emotions can get a bit out of control lately – both for you and for your clients.

Inflation at an all-time high… interest rates going up… groceries and gas prices are putting a strain on many people… sellers think they are losing money because inventory is picking up (in some areas) and ridiculous offers are not coming in as frequently.

Add to this the folks who are glued to the news, and you can create an environment of emotional turmoil. How do you react – or respond to events that are perceived as stressful? What are you doing to remain the calm, rational fiduciary for your clients? If you are emotionally charged – how does that affect your client’s state of mind?

We say that “logic makes them think and emotion makes them act” but what action does an ill-informed highly emotional person take? Your job is to know the market facts and trends and explain them to your clients, so they understand them. Logic (numbers in this case) can help assuage the fear that clients are feeling.

Yes, emotion makes them act. And if all you do is talk to them about their motivation without addressing the reality of the market, you are only providing a portion of what they need to make a well-informed decision.

Last week MAPS provided coaches with a “Data Tracking/Sourcing” Spreadsheet that our clients can use to pull key MLS data points weekly for their market. The form then auto fills four simple and easy to understand graphs that you can share with your clients. Real numbers. Local area. Up-to-date in graph format so it makes sense. Talk to your coach about this informative tool.

Educate yourself first. Then , educate your clients

You probably know this one… the acronym for FEAR: False Evidence Appearing Real. Much of what your clients know is false because real estate is a local business and they listen to national news/trends. What does your market analysis tell them? What is their equity in their home? How much have they gained since they bought their house? What does the investment in a new home look like after 7 – 10 years based on historical appreciation rates? How much more could they buy today – even if interest rates go up next week or next month? What are the benefits of locking the mortgage in ASAP instead of “waiting until things settle down”?

If all you have to offer your clients is, “Here’s what I think is going to happen…” you are doing a disservice. Back that up with data. Let the numbers mitigate their fears (and yours) and then focus on their motivation. My client this morning summed it up nicely, “Arm your clients with the data so the logic creates the right emotions.”

Do this – and keep your emotions between the lines so you can help mitigate your client’s fears.

Contributed by KCN leader Don Aldrich & KW MAPS NLP Coach George Gillas