Real estate is largely a numbers game, with Your Castle Real Estate leading the industry in knowledge and research. However, all of the best agents know that it’s not just numbers – real estate relies heavily on building and maintaining relationships with others.
Perhaps without even realizing it, many (if not all) successful agents utilize emotional intelligence (EQ), a set of skills that allow you to accurately identify and respond to emotions expressed by yourself and others.
What does this mean for a real estate agent?
There are three stages to emotional intelligence:
- Appraising and expressing emotions in the self and others
- Regulating emotion in the self and others
- Using emotions in adaptive ways.
An outline of these components can be seen in the image above.
All of these components of emotional intelligence are used to help agents read people, understand what they are thinking/feeling, and communicate in a way will resonate both emotionally and intellectually.
Appraisal & Expression of Emotion
This sector of EQ can essentially be boiled down to self-awareness. If an agent is feeling more confident and personable, they might use that time to make phone calls or attend an important networking event. On the other hand, if an agent has more subdued feelings, he or she may instead choose to focus on tasks that take more steady concentration, such as administrative work. Either way, all are important tasks that an agent must complete – an agent with a higher EQ will be able to discern and capitalize on their current emotional state to produce the best work possible.
Clients do not always verbalize exactly what they are thinking (although agents wish they would!). It is important to have a high EQ in this situation, as it allows agents to read a client’s body language when walking through a house or while reading through an offer.
Empathy is perhaps at the cornerstone of human relationships. A good agent will be able to relate to how a client is feeling and give an empathetic response (“I know you are nervous…” or “I understand this is frustrating…”). Mayer believed that highly empathetic people are more likely to have a large social network of strong connections – yet another reason why practicing and developing empathy is important for agents!
Regulation of Emotion
Self-regulating emotions is, simply enough, a “check yourself before you wreck yourself” mentality. There are hundreds of moving parts to one real estate transaction – a realtor with a high EQ will be able to respond rationally, efficiently, and effectively one when of these moving pieces falls apart.
EQ includes the ability to regulate and alter the affective reactions of others. For a realtor, this means understanding the best way to convey information to a client. Some clients can handle the turbulence of a real estate transaction, and may want to be kept in the loop with all information as it is discovered. Other clients may only want to know details that are absolutely necessary. Regardless, an agent that practices their EQ will understand how to communicate based on client’s individual needs.
Utilizing Emotional Intelligence
Emotions often influence an individual’s decision making. Agents with a high EQ are able to harness their own emotions in order to solve problems and make the best foreseeable decisions. Emotionally intelligent people are more likely to find success in:
- Flexible planning
- Creative thinking
- Creative problem solving
- Performing under pressure
- Persisting in averse experiences.
By practicing emotional intelligence, agents are able to construct interpersonal experiences that lead to better outcomes and greater rewards for themselves and others.
Your Relationship With Your Real Estate Agent
It is a relationship, whether or not you want it to be. Buying or selling a home can be a very turbulent experience, and you will need a real estate agent that knows how to navigate the emotional side of a transaction as well as they understand the administrative side. Interview your new agent to make sure it is the right fit. Try using this questionnaire created by Your Castle as an interview guide to finding your perfect agent.
Test your EQ: If you think you know what emotion each person in the section headers is showing, let us know in the comments below!