Coldwell Banker CEO Kamini Lane: How Big Is Your “Trust Fund?”
Know, like and trust should be watchwords for real estate agents. Coldwell Banker’s Kamini Lane offers insight into developing the trust that matters most to clients and colleagues.
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In many ways, real estate agents are a profession created for trust. Representation. Due diligence. Fiduciary duty.
These are the ethos of agents, yet somehow this narrative has shifted. I’ve spoken a lot this year on the topic of trust in real estate agents, and my surprise at how the view has changed over this year — how the value of the service agents provide has been called into question.
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Trust in the real estate industry is arguably at an all-time low, and the industry has been thrust into the spotlight due to lawsuits and resulting headlines. The influx of inexperienced agents post-COVID and AI innovations altering communication have further eroded consumer confidence.
A trust fund, in the traditional sense, provides support and protection in the distribution of assets to your beneficiaries. In theory, these are mutually beneficial, giving peace of mind and transparency to all parties.
Agents need their own “trust fund,” in the form of deposits and actions made over time that will benefit their business and clients. Many agents have already done this work, building strong reputations by providing excellent service, but we need a renaissance, a revival of the basics. And just like any fund, more assets always help.
Here are 3 ways you can make deposits into your own ‘trust fund’
1. Know your assets and articulate your value
In the real estate industry, clarity and preparation are key. Brokerages, leaders and agents need to be united and educated about industry rules and changes to avoid consumer confusion. In this moment of uncertainty, agents need to step into their individual value propositions, educate themselves and seize the opportunity to educate their clients.
Even with long-term clients, it’s important to discuss what the transaction will look like and the value you provide. This includes open conversations about compensation.
Whether it’s working through structuring an offer, negotiating on price, interpreting inspection reports or advising on how best to position concessions, agents provide a wealth of experience that directly protects their clients.
A valuable exercise would be to prepare three different pitches: a 30-second, a 5-minute and a 30-minute pitch. Whether you’re at your kid’s soccer game or happy hour with an acquaintance, you should be able to articulate your value proposition clearly and on the spot in a host of settings.
2. Invest, and let it work for you
Face-to-face communication and meeting with clients in person have never been more important. But you must make the time for it. Agents have transitioned from being guardians of information to professional service providers.
We need to focus on being advisors rather than just information gatekeepers. AI and tech innovations are changing how agents spend their valuable time, but the human relationship aspect remains crucial.
Ensure you take advantage of the tech and tools your brokerage offers that allow you to do your job more effectively. It’s not the time to be bogged down with administrative tasks.
Tools that benefit consumers, such as a marketing platform that can help get more eyes on a property, are valuable. Allow your brokerage to help you from both a time and value perspective.
Many agents are planning for 2025 right now. It’s time to meet with your brokerage and see what tools and tech you aren’t utilizing fully.
3. Capitalize on what you’ve saved and earned
Understanding whether your clients are buying or selling for emotional or financial reasons is an important distinction. Different approaches are required based on the client and their situation; it’s not just about making a deal.
When you take the time to understand your clients’ stories and their goals, it impacts the dynamic of your relationship and could open the door to future transactions. Speaking the same language and keeping your eye on what truly matters to your clients cements the partnership.
If you know a former client will be looking for a home near the grandkids in the coming years, make sure you are sending them options today, building that rapport and understanding of their future needs.
A renaissance means high rate of return
Collectively, we in real estate have the chance to make the coming years not just a new era for our industry, but a true renaissance — a time when we can utilize the classical learning and wisdom that built our business to bring our value to new heights.
However, none of that will be possible until we reestablish the very foundation of any relationship, business or personal — trust. Agents have been referred to as “trusted advisors” for a reason, and we are now faced with an opportunity to recalibrate many of our basic principles as consumers look to us for guidance in a complex, evolving market.
There’s only one way to begin traversing that path — by investing in ourselves and our clients to build the credibility and confidence needed to be the best partners we can be.
Kamini Lane is the president and CEO of Coldwell Banker Realty. She lives in Los Angeles. Connect with her on LinkedIn.
