Secure more sales with Vendor Review Meetings (includes price reduction scripts)
You need a process to help owners understand where the market sees their home, and what fair market value looks like. Chances are they won't get there on their own! You need to take them on a journey.
It's great to have listings, but until the owners of those properties are ready to meet the market price-wise, you can be miles away from turning those for-sale signs into commissions.
The key to moving listings from on-the-market, to sold, is vendor review meetings.
Vendor Review Meeting: A regular, planned strategy session involving the listing agent, property owners (all decision makers must be present) and possibly the real estate agency manager.
Frequency: At least once a fortnight, ideally once a week.
Why run Vendor Review Meetings?
In a hot market, houses often sell after just a few days or weeks on the market. Offers usually come in above an owner's price expectation. In that environment, there is little demand for regular review meetings throughout the process (although they are still a great idea).
But in a normal or tough market, properties can stay on the market for months and owners often end up selling for much less than what they initially hoped.
In that scenario, you need a process to help owners understand where the market sees their home, and what fair market value looks like. Chances are they won't get there on their own! You need to take them on a journey.
Leave no stone unturned
Before an owner can entertain a price below their initial expectations, they need to feel confident that it's the best price they can get. They need to know that if a better price was out there, you would have found it.
The most effective way to tell that story and instil confidence in your owners that current market value is worth consideration, is to meet face to face. Or at worst, on a video call if they live out of town.
Written vendor reports are great, and necessary, but they won't do the job for you. If you want to secure major price reductions, or extra marketing spend, you need to sit down with your owners and look them in the eye. You need to be in the foxhole with them, sharing their frustration at the current market, and lack of buyer interest at their goal price.
How to run a Vendor Review Meeting
Location: Ideally in your office. Set aside 20-30 minutes. If you have more than one listing, have your owners scheduled back to back on the same day, for example, Wednesday afternoon.
Why the office? It's a serious, business environment which sets the tone for making serious property decisions.
