Why transparency makes good business sense

Albert Einstein once said, “Whoever is careless with the truth in small matters cannot be trusted with important matters.”

Maintaining transparency in business is becoming increasingly important in today’s world.  While the spread of information occurring at higher speeds than ever before means that a lack of transparency can deeply hurt a company’s reputation, the act of maintaining clear business operations and principles can help an organisation to build the respect and loyalty of its clientele. 

As a largely people focused industry, it can be very important for real estate franchises to build a culture of transparency in their agencies.  As many real estate agencies depend largely on business from word-of-mouth and customer referrals, it is important that franchises are open and honest, giving clients a reason to remain loyal. 

As a real estate franchise, what does this mean exactly? In many cases it comes down to having a true understanding of a client’s needs, and making recommendations based on these needs, as opposed to the betterment of the agency.

For example, a client decides to sell her home, but members of your real estate agency can see that she is not ready to make such a decision and, despite the risk of losing a commission, advise the client to wait until she is certain.  Such a step will prove the integrity of your agency to the seller, who could go on to recommend your services to friends and family.  

Maintaining transparency in real estate also requires admitting when you have made a mistake, or are uncertain about the answer to a question.  Making up an answer which turns out to be incorrect can be particularly damaging in the eyes of a potential client, even if the issue is small.  However acknowledging that although you are unsure but will find out can be endearing and may help to build the credibility of your agency.  This and other qualities should be engendered and promoted within a real estate franchise. 

With the use of social media growing exponentially, it is now more important than ever for real estate franchises to enhance and improve their transparency.  People are usually more inclined to write about negative experiences as opposed to positive ones and Twitter, Facebook, blogs and a variety of other social mediums present numerous opportunities for disgruntled customers to do so. 

In short, by ingraining a culture of transparency in your franchise through encouraging honesty and by always keeping the best interests of your clients in mind, your real estate agency should benefit.  Your agents may come to be seen as credible and trustworthy, and the referral business gained from loyal customers has the potential to be hugely valuable to your bottom line and company growth.   

Posted by George Tarbey on 08/10/2010 at 12:17 PM | Categories:

1 Comments

Hard Money Lenders Colorado

Hard Money Lenders Colorado wrote on 01/10/2011 1:33 AM

I like the quote of Einstein you added here in you post.

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