John Duncan MBA BCA Licensed Real Estate Salesperson (REAA 2008)
Key 4.1 Calling time with buyers
Without a process for calling time with buyers and documented activity of all buyers introduced to the property, your vendors may languish on the market in the hope that their dream price is still out there with someone you have missed.
Naturally, if the best offer is at or near their dream price you will have achieved your goal and the property is likely to be sold. However if it isn't accepted at this point, your credibility will be tested. How do your vendors know this is the best offer not just your preferred offer? How do they know someone else is not considering their property and would buy it for more if they waited long enough? How do they know that the other salesperson who brought someone through last week, and seemed enthusiastic, has not got a better offer waiting for them?
This is when all the journaling you have done in SalesPartner will pay off. Firstly, by illustrating the calling time processes you can assure your vendors a critical decision point has arrived. Then by providing a detailed record of feedback from buyers and contacts, you enable your vendors to make an informed decision.
Although vendors may accept the advice of their salesperson without evidence of the marketing activity, this puts the salesperson at the forefront of the decision. If they subsequently develop a form of vendor’s remorse they have a clear target for their dissatisfaction. It is far easier and less stressful for the salesperson to use documentation to help the clients make an informed decision without making it for them.
Providing documented evidence to assist your clients to make informed decisions makes the process more objective rather than subjective (facts over feelings) and is less likely to result in negativity against the salesperson. The process also illustrates what you have done to earn your commission. Documenting your marketing activity helps your fees become more acceptable to your vendors.
You are looking for a decision to sell, but if the best offer doesn't allow your vendor to move on then you want a decision to reposition the property with you. Their options are either to re-launch the marketing campaign with a new strategy, price, or promotion campaign or to withdraw from the current market and re-launch with you at a later date. By retaining the detailed contact records and comments from buyers in SalesPartner you have a significant advantage when they do re-launch their property. Point out that when they make a decision to re-present the property or reset the price strategy, everyone who has already visited will be contacted, advised of the new situation, and encouraged to take another look.
- Documenting buyer activity and calling time with buyers will help your vendor make an informed decision when presented with an offer.
- Activity records help mitigate against vendor's remorse, and also justify your commission.
- If your vendor decides to pause the marketing, they will want your database contacts to be reintroduced if they return to the market.
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