From RealSource... Glenn's Blog

Everyone has what they think is the key, or "magic," to success.  Hard work, experience, honesty, location, timing, connections, and such.  And are usually very important, critical and key ingredients. 

But all of these can still fail you unless you master the "magic" of the successful deal:  EXPECTATIONS.

Disappointment comes from a failure to meet expectations, real or not.  The project or deal may be a great success in your eyes and yet others may be disappointed.  This disappointment may surface from your clients, your vendors, your staff, your boss or you.

Likewise, meeting and exceeding expectations creates raving fans!  These people will send customers to you even without you asking.  But to meet and exceed expectations usually means managing these and doing so early and often.

For instance, who has heard these comments:

"I didn't think I would need this much cash for closing!"

(Why did they think this?  Not told, didn't listen, deal changed without notification, didn't understand?)

"I thought this house would be in better condition!"

(Why did they think this?  Bad description, bad photos, preconceived notions, hopeful thinking?)

"I thought you were going to handle this!"

(Misunderstanding, failure to communicate or just a bully?)

"You should know you need pre-approval first!"

(If they knew that, they may not need your help!)

"Don't you know my time is valuable?"

(Maybe it is but if it is really valuable, it can be billed! If someone will not pay for it, maybe not so valuable ot others. What does each pary expect?)

After each of these types of comments, how did at least one party in the process look?  Probably not very good.

Here are 5 TIPS for managing expectations:

1. Explain the situation, product, service, and/or time-line early, clearly and often.  Expectations are created early, so create the right ones and then remembers to reinforce as you go.

2. Talk clearly about money, fees, commissions and financing.  These are often topics that are postponed and that allows false expectations (and then disappointment) to develop and gain strength.

3. Ask questions to see that the other party listened and UNDERSTOOD.  Some people wills say they understand when they don't because they are afraid of how they will appear.  Help them out without being a know-it-all.

4. Listen actively for false expectations and professionally explain more realistic explanations ASAP.  Don't wait to for reality to beat you to the punch, else you'll look unprepared.

5. Be aware and address your own expectations.  Don't assume... know the outcome expected by everyone, including yourself.  Make sure they match.

If you are ever greatly disappointed, it is likely you "expected" an outcome that may or may not have been guaranteed.  It is okay to be hopeful and even disappointed, just in appropriate, practical, balance moderation.

Naturally, there are so many other ways to approach this topic and tips for setting and managing expectations.  But doing so reduces the risk of others seeing your work or results as failure when it really is a success by the goals and standards set in the beginning.

Be measured by the real project, effort and outcome, not an exaggerated idea someone else created with imagination and lack of understanding!  And you can have a role in this if you are not just reactive but are proactive. 

Set and manage expectations and you'll see happier relationships, projects and deals!