In the past 10 years of coaching real estate agents to market themselves, Ive noticed a simple mistake that can cost you a transaction. Do you know which one Im talking about?

Imagine youre working with a prospective buyer? What is the first thing you make sure to do? This article reveals the secret steps that can save you thousands.

Step 1: Invite the prospective buyer into your office

Why is this important? You need to establish a working relationship with this buyer. They need to know how you work.

Step 2: Ask them detailed and specific questions about what they are looking for.

Take notes and dont be afraid to delve. You need to know their specifics, their motivations and their time lines. Do active listening with them and repeat back some of their key phrases and words. It will inspire confidence in them when they feel heard.

Step 3: Tell them all the wonderful things you are going to do for them .

For example, tell them that youll be previewing houses, youll be taking them out to look at houses, youll be advertising, youll be going to MLS meetings, etc.

Step 4: Tell them what you expect from them

A simple way to phrase this is after you have told them what youll be doing for them is, All I need from you is an agreement that well work exclusively together. They probably wont know what that means, so get specific. This means that you wont work with another agent, if you see a name and number on a For Sale sign, youll call me instead of the name on the sign and bottom line it means, Im the one who is handling the transaction and my name will be on the escrow with you.

Step 5: Clarify what you just said

They will probably have a questioning look on their face. Say, It looks like you might have a few questions about what I just said, what can I clarify for you? Keep pursuing and discussing it with them until you are sure they are in agreement with your policy . Their body language is probably the best way to tell if they really mean yes.

Step 6: Reassure them that they are not locked in

After all that, be sure to tell them they are not locked in. In other words, if they dont like working with you or you dont like working with them, then there needs to be a discussion. If the issues cant be resolved and youre not a good match, let them know they can be released from the agreement providing there is a discussion and mutual agreement.

If youve followed all the steps above, youll save yourself a lot of grief later. I cant tell you the number of agents Ive coached who have come to the session extremely angry because a client they were helping decided to go with another agent. Lets make sure that doesnt happen to you.