Q. How can I close the gap with vendor expectations? – Sarah Bourke, Di Jones
1. SET-TO-SELL MEETING
Also known as the expectation meeting. This lays the foundation before the first open home and should be set up a few days prior to that date. The key areas to focus on in this meeting are benchmarks: How many contracts do you expect to be requested after the ﬁrst open home? How many buyers through the ﬁrst inspection? How many buyers requesting a second inspection and level of price guide feedback? Finally, explain that sometimes the ﬁrst offer can be the best offer, especially in a changing market.
2. WEEKLY VENDOR FACE-TO-FACE MEETINGS
Aim to have the meetings in your office if possible; pull your vendors away from the comfort zone of their home. Discuss each week the progress on the sale of their property by reviewing and analysing the benchmarks mentioned above. This will allow you to make any recommendations for price adjustments or change the sales strategy based on facts and evidence from the benchmarks. Book your vendor meetings at the set-to-sell meeting, weekly for auctions and fortnightly for private treaty sales.
3. WEEKLY VENDOR REPORTS
If you want to create influence, if you want to move people towards action, it’s not about manipulation; it’s about creating a logical, clean, persuasive case that moves people towards action. To build a persuasive case that is logical you must support it with facts and evidence. Well-constructed weekly vendor reports, supported with visuals such as a price/buyer feedback graph, can increase the delivery of your message.
4. VENDOR SUMMARY REPORT
This where all the key indicators are summarised after three to four weeks of the sales campaign from web hits, buyer feedback, similar properties on the market, just sold and in competition currently to their property. Include a recommendation plan moving forward for the lead-up to the auction or private treaty sale.
5. AUCTION RESERVE MEETING FOLLOW-UP EMAIL
After your reserve meeting, follow up with an email summarising all the points from the meeting. This will reinforce and reaffirm everything that should happen on auction day, with no hidden surprises for the vendor.
Good structure and framework are key to sales in 2018!