OVER Promise UNDER Deliver
“UNDER promise OVER deliver.” We have all heard, used, or have been on the receiving end of this masterful sales delivery technique of setting the bar low and then exceeding that expectation. Here is an example to illustrate this concept: a delivery company might promise that something will be dropped off by noon—setting the bar—and then the delivery will be made by ten in the morning, thereby exceeding the expectations of the customer. The idea behind this concept is that by keeping customer expectations low and routinely exceeding them, an individual or company will develop a good reputation. The opposite is when someone makes ambitious claims or promises and then fails to live up to them. Customers faced with this negative experience tend to grow irritated or lose faith in the company or individual.
As a Realtor, I incorporate the UNDER promise and OVER deliver model. However, I must admit that at times I have OVER promised and UNDER delivered. I have been too ambitious and promised more than I could deliver at times. Some examples would be: I will sell your property by such and such a day, or I will produce X number of sales in the project by ______, or I will find you a specific property and then come up dry after months of looking. In the end, I have lost the client’s confidence in my ability and the company.
But what about buyers or investors? Do they OVER promise and UNDER deliver when searching out for an investment property with a Realtor? Are they over ambitious and make claims and promises without being able to deliver or purchase the property? Just like the customer that loses faith in the company when the delivery is poor, a Realtor also loses faith in the ability for the investor to close the deal when the promise is GREAT, but the delivery is POOR. It has always been the Realtor’s job to qualify the buyer or investor and determine if they have the means and ability to purchase and close the deal. Unfortunately, the qualifying process by both the realtor and investor is often skipped creating frustration on both sides.
REIN (Real Estate Investment Network) has always been the leader in educating its members on developing a solid investment TEAM. The Realtor is one of the key components of a winning REIN investment TEAM. As a Realtor, REIN member, real estate investor, and somebody that loves to teach, share, and educate on the fundamentals of investing, I encourage all investors to be mindful of not OVER promising and UNDER delivering when building your TEAM, whether it’s your realtor, mortgage broker, inspector, lawyer, property manager, or handyman.
What if an investor made an S.M.A.R.T. (specific, measurable, attainable, realistic, and timely) plan? This S.M.A.R.T. plan would outline the business plan and goals over the next 1, 3, 5, and 10 years. The investor would meet individually with all the TEAM members to present the plan and ask the members to sign off on the plan. It would take numerous hours to build and write the plan and it may open up the individual to criticism, but one would find out very quickly who really wants to be on the TEAM. The individual would find out how realistic the plan is, and more specifically, if there is the OVER promise and UNDER delivery concept. Secondly, a new HIGH level of accountability would be created within the TEAM. Also, only the right members would want to be on the team. They will help refine the business plan and make it attainable over the next number of years. And finally, team members may become incredible partners; partners that share the same investment BELIEFS.
As published in the Real Estate Investment Network’s REIN Real Estate Report July Issue.
Randy Dyck has been a top producing realtor in the Fraser Valley since 1992. Randy and the six agents of the Eximus Team serve investors in Chilliwack, Abbotsford, Mission, Maple Ridge, Langley, and Surrey. Contact him at randy@randydyck.com.
