Continuing from my previous blog on Nitty-Gritty's of Resale/ Secondary Market, this particular blog is offshoot of the same topic. Let me explain the Differences in detail between Traditional Selling and Consultative Selling :
1. Approach of the Traditional Salesperson/ Broker and Consultant on First Contact :
a. Traditional Salesperson/ Broker Approach : Without completely understanding the Buyer's or Prospective Customer's requirement fully, the Traditional Salesperson/ Broker will offer you what he has available. He will try to fit in the customer as per the availability he has. This becomes annoying for quite a good number of people.
b. Consultant's Approach : A True consultant will understand the requirement of the Buyer or Prospective Customer. The consultant will ask for time to get back to the Buyer with options matching his needs. This requires an in-depth probe from the Consultant's end. Since, its once in a lifetime investment from the Buyer, each and every detail of the need should be paid heed to.
2. Relationship Building from the Traditional Salesperson/ Broker and Consultant :
a. Traditional Salesperson/ Broker Approach : The Traditional Salesperson/ Broker will think of getting the customer to the site and showing him what he has. The Relationship Building never takes place. It's completely a monetary way of handling client's. Such things do turn off a buyer easily. Sadly, the Relationship is built only when the transaction happens.
b. Consultant's Approach : Along with finding suitable options for the client, in the course of time a Relationship Building Approach is followed by a Consultant, where he tries to be friend's with the customer/ prospective buyer. Generally, people don't forget with whom they end up buying a home. The Buyer will remember the way he was treated during the entire cycle of finding a right home for him. Hence, it does not require an aggressive approach. The Consultant will become a friend of the buyer by the time, the transaction comes to its final stage.
3. Sales Pitch Approach of the Traditional Salesperson/ Broker and Consultant :
a. Traditional Salesperson/ Broker Approach : Traditional Salesperson/ Broker will ask the client to come and see the property in question and than take a call. Now a day's when time is precious, will a client come to the site and see the property in question without understanding its pros and cons and the things that match his needs or not? In Digital times, shortlisting happens online. The old methods of roaming the city and seeing a dozen options before finalising one is no longer in question, because of the advent of information available digitally.
b. Consultant's Approach : A Consultant will always ask the client about the list of options sent to him. Whether the client likes any of them and would prefer to go on a site visit. Such approach gives comfort to the client of having understood the options first hand. The client would have proper knowledge of the property in question before visiting it rather than understanding a property on visit. Here, 50% of the job is done if the client has understood the option, he is planning to visit. In such cases a product is offered by the Consultant keeping in mind the needs and preferences of a client. This is a more customised approach.
4. Information Dissemination from the Traditional Salesperson/ Broker and Consultant :
a. Traditional Salesperson/ Broker Approach : Traditional Salesperson/ Broker will hide few things from the client to make the buyer visit the site. He will say please visit the site or my office for more information. In my opinion, A good way of turning off buyers at the first stage of buying itself to the extent that the buyer will never come back to you.
b. Consultant's Approach : A Consultant will try to give as much information possible to the prospective buyer for the property in question. Such things enhances client's perception of the consultant in question. Also it makes things clear to the mind of the prospective buyer about what he/ she is going to see is close to his needs and preferences. In such approach a consultant saves the time of the buyer and himself, builds relationship, creates a Brand image of himself and probably has more chances of the go to person in terms of a buyer's real estate needs. The consultant makes sure that all the points regarding the property in question are taken care of before a site visit takes place.
5. Understanding the Buyer's purchase cycle from the Traditional Salesperson/ Broker and Consultant :
a. Traditional Salesperson/ Broker Approach : They never pay heed to which stage of purchase cycle the buyer is into. If an aggressive sales pitch is given in the first stage of shortlisting options, its better to understand that the buyer is lost forever. The Approach here is budget and what configuration a buyer is looking into. Trying to offer what he has at the earliest. For Eg : If a Buyer is looking for an apartment in Borivali West, the Traditional Salesperson/ Broker will offer something in Borivali East if he does not have things matching the budget of the client or he knows that there are options in the market which can fulfil the needs of the buyer but offers only what he/ she has.
b. Consultant's Approach : A consultant will always try to understand at what purchase cycle the buyer is in and will act accordingly. The consultant will stay in touch as a friend. He will try to enhance the knowledge of the buyer looking to buy the property during the course of different stages of a purchase cycle. By the time the prospective buyer shortlists an option, he/ she will be in a better position to take a decision with proper knowledge about the market dynamics. A Consultant will keep on offering options till the buyer finds an option closer to his requirement. In a Real Estate Market like Mumbai, its difficult to find a property which meets 100% of buyer's requirement and preferences. A consultant will always give options which he/ she thinks are closer by 70-90% of the client's requirements and needs. He/ She would suggest to the client whether the property in question he/ she has seen is a good buy in the market as per the client's needs.
The above are few stark contrasts in the Traditional Salesperson/ Broker Approach and A Consultant's Approach. The list is long if I go into more detail. But I consider highlighting the most important one's in the blog.
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