Top coach Claudio Encina is back to answer some of the final questions from the Transform 2017 #supersix concerning managing vendor expectations in a slow market and how to get sales targets back on track.
Q. What are some tips for helping and educating buyers in a slow and falling market, while still keeping their experience as positive as possible? – Nikki Horner, Willow Tree Realty
A. Working in a market such as Perth in Western Australia can be challenging as the market slowed down recently, and managing the vendor’s expectations is critical to still provide a positive experience. Begin by being empathetic, as this will help you stand out from the other dozen salespeople. Show that you are here to help, not to make a sale.
Many agents use heavy and aggressive vendor management by bashing them down on price, which can leave a stale experience. Remember, it’s how you make the vendor feel, not what you say. Provide the framework for vendor management during the course of the sales process. Start with a vendor management expectation meeting a few days prior to the first open home. Discuss the benchmarks that are set in the first week after the first open home; for example, we would expect x amount of buyers at the first open home, x amount of contracts requested, x amount of buyers requesting a second inspection for the following week, price feedback between x and y, and about x amount of buyers making an offer.
These benchmarks ensure that you are on track with the sale of the property or any necessary changes to the strategy of the selling process. The agents who give their vendors an amazing experience are able to be ‘caring and candid’.
If you are too caring, you develop a dysfunctional relationship with your vendor; on the other hand, if you are way too candid with your vendors they may resent you. The more you show empathy with their plight, the more trust you will build. Don’t underestimate the power of empathy in this regard.
Lastly, I would say you want to be aware of your own emotions on the matter. Do you want to make this sale? Yes, absolutely! But that is short-term thinking. Long term would be helping the client and building a lasting relationship.