Key 2.3 Update your vendor CMAs frequently
John Duncan MBA BCA Licensed Real Estate Salesperson (REAA 2008)
A major benefit of updating your CMA reports is that it keeps the issue of being In the Market at the forefront of your ongoing communications in terms of your vendors’ price expectations. We recommend meeting with your vendors at least after every three open homes to discuss the promotion, presentation, and price. The revised CMA becomes the focal point of these marketing review meetings.
The sales recorded by the REINZ and your firm for the vendor’s area are being updated continuously and we recommend that you provide updated CMAs for your vendors, not only when you are reviewing their marketing strategy with them, but also when you are presenting offers.
A feature of SalesPartner is that for properties where you have recorded the marketing activity, you can produce reports illustrating what you did to sell those properties. When you work for a SalesPartner Focused Office you will be able to provide similar reports on sold properties that your colleagues listed and sold.
You might consider providing full flyers for buyers and ‘what we did to sell’ reports from SalesPartner for your vendors on all comparable properties that have recently sold through your office as soon as the sales are made. These reports illustrate the current market and provide a focus for discussing buyer reactions to their own property with your vendors. It will help you reduce any tendency for their property to become overpriced or “on the market but not in the market” and ensure that any latent interest in their property is not lost by holding out too long for their “dream” price.
Activity Report: What We Did to Sell
Lookup a sold listing and click Print Reports (Ctrl+P).
Under the Activity tab double click What We Did to Sell