When your days on market increase, it decreases your income potential. If you’ve got 120 days as your average days on market and you can’t get your vendors to commit to selling, then you’re in a position where you’re just carrying all this stock, and that creates a high level of frustration. So how do we overcome that?
Getting vendors to sell is a really key skill, and it is actually very simple when you understand the deep psychology about what your vendors are trying to move.
Most agents manage their vendors through an emotional process of how they’re feeling about the sale, as opposed to a logical process. How do we manage our vendors more logically as opposed to emotionally?
To do this, you need to understand what the indicators of interest in a sale are.
They are as follows:
- Second appointments
- The contracts
- The offers
If the indicators of interest are building to the final outcome – i.e. the offer – then you will get a result.
Friction is created because people focus on the result without knowing how to get there.
For most vendors there is a friction point, because they don’t get offers, so they don’t know where the market is actually sitting. The problem is, no one has explained to them what to expect between the For Sale sign board going up out in front, to when the SOLD sticker is finally applied. What actually happens in between?
Great vendor management takes a more logical view. It shows our benchmark expectations at days 7, 14, 21 and 28 in terms of the number of enquiries, second appointments, contract and offers expected.
If you want to learn more about how get your vendors to sell, we have some really great products that can help you focus on the daily tasks that will get you on track for success.
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