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Any big financial decision such as selling a property or buying your first home requires a great deal of trust. Winning a Vendor’s trust is crucial to the success of listing their properties. However, it doesn’t end when the listing presentation is finished. Your Vendors expect you to sell their property, at a great price and as quickly as possible!
In addition to keeping your Vendors happy, you also have a degree of responsibility to ensure your buyer is completely satisfied with their purchase to ensure a smooth transition.
So how do you keep your vendor happy and avoid buyer remorse at the same time? It starts with impressing your vendors from the beginning then exceeding their expectations along the way. Naturally, you’ll form a healthy balance of trust between yourself, your vendor and potential buyers in order to create a memorable experience for all.
Follow our 3 steps to impress your Vendors and secure real estate success. These tips will help you go above and beyond while increasing the chances of your Vendors coming back time and time again.
Step 1: Secure the Listing
Conduct a compelling listing presentation to secure the listing
The phrase, ‘the proof is in the pudding’ couldn’t be truer when it comes to closing a listing presentation and actually listing the property. It goes without saying that your vendor is trusting that you have the resource to sell their property. Go the next step further and put together a compelling listing presentation, backed by proof, with these three elements:
1. Indicate immediate buyer interest using your CRM. Show your vendor how many potential buyers you already have in your database. Use ReNet to your advantage and filter all the potential buyer matches in your using their property’s criteria such as the number of bedrooms, bathrooms, suburbs and even price range. If you’re using ReNet as your CRM, you have the added advantage of offering Property Alert emails to your database. Explain to your vendor that the moment their property is listed, all the potential buyers who match this criteria will be instantly notified and sent an e-brochure.
Bonus tip: Your vendor is also a potential buyer, particularly if they’re selling their property in order to upgrade or downsize. If this is the case, give your vendor the same buyer experience so they can experience first hand what their buyers would go through. Add them into ReNet, set their buyer preferences and demonstrate how the automated buyer alerts work.
2. Promise transparent communication while the property is on the market and show them an example of current vendor reports within ReNet. Give them the peace of mind that you’ll keep them updated every step of the way. This would be a great time to explain your Open Home process.
Your Open Home process could look something like this:
- New Property Listing e-brochure sent to all potential buyers once the property is listed
- Open Home e-brochure invitation sent to potential buyers and past open home attendees
- SMS reminder 1 day before the Open Home
- SMS reminder the morning of the open home
- SMS thank you with a link to the property listing
- A phone call to the vendor immediately after the inspection along with an emailed Vendor Report which includes a report of all attendees and their feedback
Build trust with your vendor by indicating that you have an Open Home strategy in place, then follow through with your word.
3. Impress your vendors with competitive social media marketing and leverage vendor paid advertising. The average Australian spends 10 hours a week on social media. Increase your vendor’s property exposure and generate leads with social media campaigns. By presenting a branded social media marketing solution to your vendor you are highlighting alternative avenues for their home to be sold quicker and at the highest price. iRealty’s digital marketing team have created effective campaigns designed to generate more buyer interest and ultimately sell faster. The best part is their ads are run by industry specialised marketing experts.
Step 2: Selling the property and maintaining open communication
Once you’ve gained your Vendor’s trust and listed their property, now it’s time to sell quickly and at a great price. The last thing you should do is list the property, send out one email then wait for a buyer to appear. Take a proactive approach and keep your vendor updated along the way.
A simple yet effective way to do this is build strong relationships with potential buyers. Stay front of mind with multiple communication touchpoints such as e-brochures and SMS campaigns. During Open Homes, engage in conversation and ask for their feedback on the property. Enter this information directly into your ReNet app and use this in your Vendor report later on.
After the inspection, give your vendor a quick call to give them a recap. Let your Vendor know that you’ll send them a report shortly so they have the information in writing. These vendor reports won’t take hours to put together. ReNet’s Vendor Reporting feature generates customised reports in a matter of minutes.
Pick and choose the report elements that are relevant to your Vendor. All ReNet vendor reports also include direct Vendor access to view buyer behaviour and live report tracking. If your Vendor has invested in Vendor Paid Advertising as part of their listing package, include marketing campaign results, reports and ROI as part of your summary.
Bonus Tip: If your vendor did not opt to invest in vendor paid advertising on social media, this is a great opportunity to go above and beyond by providing a complementary alternative. Boost the property’s organic reach by utilising your social media channels and feature their listing as the ‘Property of the Week/Month’. This won’t cost you anything else besides a few minutes of your time to compose the post.
You can still provide a mini report on this strategy by advising the vendor how much reach and engagement the post received.
Step 3: Close the sale smoothly
Closing the sale and ensuring the transaction occurs smoothly is still part of the Vendor experience. Giving your vendor an amazing, complete, experience is a great way to gain future business and referrals. Avoid getting bogged down in paperwork and the nitty-gritty of the transaction to-do list. Easily create documents and track commissions within the Contract area of ReNet. Set reminders and keep track of documents that need to be completed or signed.
Bonus Tip: Use ReNet’s tasks and trails feature to set a yearly anniversary reminder on the day they sold their property. Send them a congratulations card, email or even give them a call. Go one step further and set birthday reminders for all of your vendors and greet them every year. This extra personal touch will keep the relationship strong and keep you front of mind.
Close the entire Vendor experience by going above and beyond. From the way you speak to your potential buyers regarding the listing, to keeping your Vendors updated on a regular basis, then closing the sale as smoothly as possible. Look after your Vendors and increase your chances of real estate success through repeat business and referrals.
To learn more about ReNet’s Vendor Features, click here to speak with our team.
