THE PROPERTY SALES PROCESS
Step 5: Vendor Management
Haze expects all their salespeople to deliver the following minimum service level to all our vendors:
Prompt feedback - Provide the vendor feedback on each viewing via a phone call or in writing, whatever your arrangement with them is.
Weekly written vendor reports with latest marketing activities, responses, statistics and viewer feedback must be provided to each vendor.
Vendor reports can be emailed, but have a phone or in-person conversation about the data with your vendor to ensure they understand the statistics and have taken note of your key recommendations noted in your report.
The salesperson has the final responsibility for all advertising. The Office Support person will be instrumental in assisting with the arrangements and preparing the material, but it is the salesperson's responsibility to ensure the material is accurate and complete. Office Support can not be held responsible for any errors or omissions.
Once you have signed a new listing, it is imperative to have a "Set to Sale" meeting with your vendors. During this meeting you will go through the marketing process and calendar in details; set their expectations regarding volume of expected viewers through the process; set a date to review the advertised price according to viewer feedback or lack of interest in the property; communicate how and when you will be in contact with them and any other matters such as access to the property when they are not home, etc. Clearly document all arrangements and send them a copy after the meeting. Also ensure that a copy is saved on the property record in VaultRE.
Vendors complain when they don't hear from the salesperson. Even if there has been no activity on their listing, still communicate this. No activity is actually a really powerful tool you have to breach the subject of a price drop or relaxing some other conditions, as clearly the listing is not attracting any buyer interest as it stands.
We have a legal obligation to present ALL written offers to vendors, regardless whether or not we think they might be upset by the offer. It is good to prepare your vendors in the set to sale meeting that you have to present all offers.
Keep your vendor updated of all developments, but DO NOT get their hopes up that an offer will be submitted unless you have the offer in writing, signed by the purchasers! It is a very difficult conversations with your vendor if the purchasers have indicated they want to make an offer and then change their minds, which often happens. Your vendor will be very disappointed. Rather surprise them with a written offer when you have one.
Once the property sale has settled, be sure to present your vendor with a nice gift and a card thanking them for their business.
Ask them to submit a testimonial for you. You can request this through Rate my Agent, or send them the link to your profile page on our website to complete the form.
Did I mention regular and clear communication - yes this is the key to happy vendors even if it's a hard sell.
Vendor Management Resources
Set to Sale - meeting
Prompt feedback on viewings
Weekly written vendor reports
Clear, honest communication
Regular communication even if there is not interest from buyers
Did I mention regular communication? you get the idea.