How to remain objective, even with returning clients

By Sam Hoban, director at Belgravia Property Finance

Client relationships are the driving force in any service-related industry. More so when it comes to our role as property finance brokers, as professional relationships contain similar elements to personal ones and sometimes there is a risk of emotional crossover. Even when doing business, there is a sense of hope, consideration and personal appeal between the parties involved.

Business relationships are, however, heavily transactional. In the case of a client that approaches a broker the first major transaction will be one of establishing trust. Without trust the relationship is unlikely to progress, and this is the single greatest hurdle where maintaining objectivity is concerned. The relationship between client and broker promises a beneficial outcome for both sides. The client accesses the service or product that they need, and the broker is compensated.

Formal relationships need to be contextualised

We are all human and have expectations when we form new relationships, even when those relationships are formal. It is therefore important to contextualise both the needs of the broker and the needs of the client to maintain objectivity. Understanding what the client is looking for and why provides transparency that makes an objective approach much easier. Clear objectivity will often determine better outcomes in the client relationship.

A new client relationship should establish the needs of the client first. Having a clear understanding of what the client wants to achieve will equip the broker with the information that is needed to satisfy the client’s needs. Doing this early on means that the broker can establish whether the products and services that they offer will provide for the needs of the client.

Educate the client

Furthermore, by educating the client early on in terms of what the broker can do for them, expectations can be managed and emotional fallout does not interfere with the relationship.

Although returning clients will have an established relationship with their broker, it is important to consider where their expectations lie. Disappointment can cloud good judgement, and transparency and honesty both ways are key to the best possible outcome.

Trust is a major stakeholder in maintaining objectivity: few people have a textbook financial background. Establishing trust so that the client can be honest about their history and their expectations means that the broker can maintain objectivity.

In conclusion, trust, transparency, good communication and honesty from both sides will result in a clear objective in a relationship which, by its very nature, is transactional – the outcome being a worthwhile result for both sides.