John Duncan MBA BCA Licensed Real Estate Salesperson (REAA 2008)
Key 3.4 Finalise the marketing strategy after initial preview marketing.
One benefit of this approach is that you do not have to sell a “market price” assessment or a particular sales method to your potential vendor when you are doing a listing presentation. You do have to provide a documented price estimate and an assessment of costs which may include Auction or Tender marketing plans and it may be evident right away which approach your vendor would prefer. However, with SalesPartner you have the option of deferring the choice of marketing plan until after the initial database previews uncover the current level of buyer interest for their property.
Your goal in the presentation is to determine your vendor’s views on price and marketing methods and sell them the processes you will use to find the best price the market will offer in the shortest possible time, with the least inconvenience to them.
If for an Auction or Tender marketing campaign you would recommend three open homes, then the structure of your initial marketing and vendor calendar presentation can be greatly simplified. Once the listing is signed, invitations will go out to your database of active buyers and those of your colleagues to organise previews during the first week while signs, photos and advertising are prepared. If the property is not sold early there will then be three open homes followed by an optional Auction or Tender date. If not sold then, a full vendor review is undertaken to reposition the property. This review after three open homes should also be scheduled if a By Negotiation strategy (with or without a price) is chosen.
You'll find this approach makes it much easier to list a property and bring it to market without overpricing it or “buying the listing” and you will have a process with lots of activity and feedback coming to your vendor at the crucial early stage of marketing. However, it will only work if you have kept track of contacts, and developed proactive systems to provide early notice of new listings.
Successful salespeople may find this process difficult to implement for every listing. Hosting previews for one representative property in a particular area or price bracket each month can help gather the buyer feedback you need to assess the market demand, so you can advise your potential vendors on their options for the first phase of marketing.
For busy salespeople with a full slate of open homes each weekend, the weekly weblink email to their database together with SMS messaging to their A buyers will be a time-efficient way of implementing preview marketing for their office’s new listings. Preview invitations for their own listings should be part of their standard marketing strategy.