Ray Kroc purchased a handful of restaurants in 1961 from the McDonald brothers for $2.7M. At the time of his death in 1984, he grew McDonald’s into a global franchise and amassed a fortune of over $500M. There were two key ingredients to his success.
Clarity
Kroc set strict rules for all franchisees regarding the portions allocated to the preparation of each item on the menu, cooking methods and the time that it took from the moment the consumer ordered their food to the time that it was delivered. If the customer did not have their order in their hands within five minutes, their food was free. Franchisees were clear of Kroc’s expectations from the very beginning.
Customer Expectations
The consumer also knows what to expect, even today. Whether purchasing a meal in San Diego or Tokyo, the customer depends on every burger tasting the same, to be the same size and to be delivered in approximately the same amount of time. And that is usually what they get.
How About You?
Is that the way in which you are conducting your business? As a Realtor, are your clients clear on what to expect? Most of them do not sell or purchase homes very often. Sellers in particular have many questions, from the obvious to the not so obvious.
- When is the best time to sell?
- What should I do to prepare my home for sale?
- What price should I ask?
- What features should we emphasize in the marketing pieces?
- At what price should I expect the offers to begin?
- How will the showings be arranged?
- How many showings shall I expect?
- How long will the home be on the market before I receive an offer?
The Wise Realtor
A savvy Realtor understands that some of these questions, expecially those regarding the number of showings and buyer offerings, cannot be predicted with much certainty. But that alone does not make the Realtors task futile. The important thing is to provide the client with a high degree of security about the entire process. And the most effective way in which to do that is consistent communication. Consistent communication provides the opportunity for clarity of purpose and expectations. And as we have learned from Ray Kroc, clarity and defined expectations can be worth millions.
How do you effectively communicate with your clients?
Do you contact them often, within the same general time frame every week?
Do you define expectations from the beginning of the relationship?
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