Frictionless. Definition: achieved with or involving little difficulty; effortless.
Definition: achieved with or involving little difficulty; effortless.
You hear the phrase occasionally ” that was a frictionless transaction” and you automatically think it must be a good thing.
By the definition above it was a transaction “involving little difficulty; effortless.”
Think back to the last five transactions or deals that you completed. They were all frictionless….Right?
You worked your tail off to get those transactions to the table and a closing. Maybe you could have done a few things better but all in all, they closed, and you got a check.
We all think that the more information that we provide a client, the better decision they will be able to make.
I Do Not Disagree….BUT.
What about the way the transaction itself is structured?
How many god forsaken layers and pages of data have to exist to make the transaction work?
What if you choose to or made a concerted effort to move the transaction closer to your client?
Sit back and think about that for a minute. How could that be done?
What sets of data that you now define as “critical” could you push closer to your client?
Would that compromise your position?
If you are giving it all away do you become OBSOLETE?
The answer is a simple NO.
The more you push the transaction closer to your client the better it will be for everyone.
Let me give you an example.
Buyer of property A is out of state so the communication is for the most part not Face to Face.
The data and information you send to that person is for the most part electronic in some way.
The data that you are providing for property A is “housed” where?
It’s housed in silos. Silos created by how many different entities? Count them out in your head.
So to access that data on efectively communicate what your client needs you have to …..”do your job.’
But what if?
What if your client had access to that data and that data was verified as true and accurate. They only needed to see it once.
You are of course giving them the true and accurate data are you not? Or as true and accurate as far as you know.
What if that data was housed in one simple area that all buyers and sellers could access?
Here is why it will work.
The verified data helps you do your job more efficiently and provide a trusted users experience.
It also makes that transaction more valuable. Think about it!
Conversation with a very smart tenant. He went out to call on a sign to get information about a space to see if it was in the same $$$ range as his. The broker that was representing him and the one on the sign were “buddies” and the call the tenant out on it and asked him “why he needed to check other spaces.” What do you that the tenant thinks of those brokers? You know the answer. The gesture he made in front of me said it all. Don’t tell me this never ever happens. You know this kind of thing happens every day in some shape or form.
What if your potential client has all of that information in front of them verified by let’s say ….you know what’s coming…
What does the potential tenant eliminate from the transaction equation?
Answer: Lack of Trust.
It creates less friction or………helps create more trust.
Why We Need Less Friction.
+1 The rant was a true story from a conversation I had right in the heart of the OC yesterday!