In Mexico, the roles of real estate agents and mortgage brokers are gaining significant importance. In past decades, people preferred to sell their homes on their own. However, thanks to digitalization and access to information, a shift in mindset is occurring as people realize the immense value of having a professional advisor. Nevertheless, there is still a long way to go to earn the full trust of the Mexican market. Here are 6 reasons why people distrust real estate agents.
Everyone talks about what you should know and do to increase your real estate sales, but hardly anyone mentions why those sales fail to close. The Mexican market is not the same as the Spanish, Chilean, Colombian, or American markets—so why are we using the same sales strategies? Generally, Mexicans are social and trusting; however, when it comes to difficult decisions like buying a home, distrust and insecurity emerge, hindering the closing of the transaction.
1. Property Pricing
It is common for sellers to want the maximum possible profit when setting a property price. When an agent recommends lowering the price, distrust begins to brew. In this situation, you must rely on your expertise to explain why the property is valued lower. Remember to do so with kindness and always put yourself in the client's shoes.
2. Third-Party Experiences
Another factor influencing people is the stories they hear from others. Hearing about bad experiences with real estate agents—or successful stories of people selling on their own—makes clients skeptical. It leads them to think that an agent's job is easy and requires no specific knowledge. Here are some common [myths about real estate agents].
3. "They are all the same"
Unfortunately, the sector is full of "intruders" posing as real estate agents. Due to their lack of professionalism, experience, and knowledge, their clients walk away with a bad impression. This causes them, as well as their family and friends, to distrust all agents by association.
4. Lack of Knowledge
Believe it or not, people can tell whether or not you have the necessary expertise. Making out-of-place comments, not knowing material quality, lacking knowledge of legal aspects, or failing to know the prices of comparable properties will only make clients pull out of the deal.
5. Attire and Presentation
Today, people are more open regarding dress codes, especially younger generations. While a tailored suit is no longer mandatory, showing up with a disheveled or unprofessional appearance suggests you don't care about the deal. Dress for the occasion and the type of client—selling to a young couple is not the same as selling to seniors.
6. Lack of Empathy
A lack of empathy is a major mistake that can cost you many clients. Before suggesting something or dismissing their ideas, try to understand their situation and needs to provide better advice. Thinking of clients solely as a means to generate income will not help your career.
Knowledge, combined with best practices and empathy, will be the engine that drives your professional success. Train regularly; laws and processes change constantly, and staying up to date is essential for your growth.
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Our mortgage brokers specialize in financing property purchases in Mexico for international investors.
We are a Canadian company, part of the Creditaria Financial Group Corp., a business group with a presence in 7 countries.
