John Duncan MBA BCA Licensed Real Estate Salesperson (REAA 2008)
Key 4 Calling time with buyers
Calling time with buyers is an opportunity to demonstrate to your vendor what you have done to find the best offer for them, thereby making that offer easier to accept. It is also an opportunity to showcase for people in your database, especially those who have a property to sell, how you deliver the best outcomes for your vendors.
Most offices policies stipulate that when a buyer makes an offer on paper, everyone in the sales team is notified in case they know of other buyers who might also be willing to make a written offer. Some offices have strict calling time rules to enforce the minimum time allowed before an offer can be presented (if no other buyer interest is registered).
Vendors who are selling by negotiation, or considering offers prior to a deadline, should ensure that they know as much as they can about their agency’s calling time policy. It is in the vendor's best interest to ask whether all other salespeople have been contacted and provided with adequate time to check for interested buyers before considering the offer before them.
Similarly buyers should ensure there is a formal policy that will provide a maximum period within which their offer should be presented. If they have concerns about the lack of a formal approach they could add a clause in the further terms of sale that their offer will expire at a given time and date.
As a salesperson, when you receive a text calling time on a property have you ever found yourself scrolling through your diary, searching for your buyer who registered at the open home some weeks ago? Do you fear you might have missed a visitor who could prepare a backup offer if only you could find their phone number?
With SalesPartner you will have recorded your buyers’ comments about a property and in particular whether each buyer has any interest, during the activity recording processes designed for following up contacts after visits and open homes.
The comments made are linked both to the property and to the buyers who visited. There are processes to follow to find all the buyers with an interest in the property or even any buyers who visited the property and then contact them. You can use phone calls, email, and text messages and document both the sending of these messages and any responses and quickly follow up continuing interest. We refer to this process as “calling time with buyers”.
Then you can use SalesPartner reports to demonstrate to your vendor how you have been calling time with your buyers and colleagues and it becomes easier for your vendor to accept that the offer, or offers you present would include the “best available” buyer. This makes the opportunity to accept one of the offers, negotiate with one or all of the buyers or try some new strategy a timely issue for your vendor. If you can illustrate why you believe all available interest is currently represented in the offers before them, then simply ignoring the offer is not a considered approach.