Wednesday, October 05, 2005
Day 98
It has been far too long since I updated this page. I apologise to those who were reading my adventures in the mystical land of Real Estate. Rest assured, they have continued. Here, have some little stories:
1. I had been dealing with some clients who came through my open home - they did put an offer up in the end, but unfortunately, it was not high enough for my vendors, and was let go. I did however keep searching for a property for this couple, and showed them through a few homes at a golfing estate that another agent had listed nearby.
They seemed keen, and after the open homes, we directed them to the golf clubhouse for some coffee, while myself and the other agent left for other engagements.
Three days later, I call them to follow up - while visiting the clubhouse, they noticed another unit for sale and ended up buying it. I wasn't happy, but it was really my own fault for not keeping stronger control on them.
2. I have some buyers who are cashed up, and ready to move when they find what they like. They have found a suitable property which is going up for auction tonight - should it pass in, they will throw a low, cash, unconditional offer at the vendors. I am pessimistic as to whether or not it will work - but curious at the same time.
3. Some of my vendors are being very stubborn on price - even though they need to sell their property (as part of a 'subject to sale' clause on a property they have purchased). It is beginning to bother me slightly, and I am half inclined to sell the 'subject to' property out from under them - except that I would really like the second comission.
Tips of the Month:
1. I had been dealing with some clients who came through my open home - they did put an offer up in the end, but unfortunately, it was not high enough for my vendors, and was let go. I did however keep searching for a property for this couple, and showed them through a few homes at a golfing estate that another agent had listed nearby.
They seemed keen, and after the open homes, we directed them to the golf clubhouse for some coffee, while myself and the other agent left for other engagements.
Three days later, I call them to follow up - while visiting the clubhouse, they noticed another unit for sale and ended up buying it. I wasn't happy, but it was really my own fault for not keeping stronger control on them.
2. I have some buyers who are cashed up, and ready to move when they find what they like. They have found a suitable property which is going up for auction tonight - should it pass in, they will throw a low, cash, unconditional offer at the vendors. I am pessimistic as to whether or not it will work - but curious at the same time.
3. Some of my vendors are being very stubborn on price - even though they need to sell their property (as part of a 'subject to sale' clause on a property they have purchased). It is beginning to bother me slightly, and I am half inclined to sell the 'subject to' property out from under them - except that I would really like the second comission.
Tips of the Month:
- Get offers and get lots of them - regardless of how ridiculous they are. These will condition your buyers to accept that they are NOT going to find a buyer who is willing to pay far too much for their home.
- Keep as much control over your buyers as you possibly can. Obviously, you can't be with them 24/7 - but encourage them as much as possible to call you first should they find anything that they like, rather than simply wandering in on their own. If you are doing your job well, they may acquiesce to this request.
- If you are visiting developments, regardless of what you are looking at, take your buyers into the sales office and register them yourself. That way, later, if they sneak back and buy something without telling you, you will be covered (at least partially).
- It is the things that we least like doing that will often lead to listings, sales and ultimately, success. Set aside time every day to make your cold calls, send emails and do your doorknocking - until you have a big database set up, this is where many of your vendors and buyers will be found.
- Don't waste too much time on buyers unless they are ready to move, and you have suitable stock. If they are after something that you/your office does not normally trade in, but numerous other agents do, chances are they will buy of one of those other agents, simply because they have much more range and experience with the product. If they are fairly motivated buyers, maybe give an hour or two of your time to finding a few properties for them to look at, but don't waste days on what could be a futile exercise.
- Your obligation as a listing agent, is to get the best possible price for your vendor. That doesn't mean you can't be firm with them. If they are being unreasonable, it is your job to tell them so! (Politely, of course) Don't allow them to entertain deluded fantasies about the value and saleability of their property - it will only make your job harder.
- Always get someone to doublecheck any contracts or similar documents that you have prepared. If you made a mistake, failed to put a 'sign here' sticker in or something similar, you are less likely to notice than another person. The last thing you want to do is arrive back at the office after going over contracts with a buyer only to realise that you missed out a set of initials.
- Give prompt feedback to your vendors. They are employing you to sell their homes - if you do an open home, make sure you leave a note for them, speak to them afterwards or (at worst) call them the next day. They probably won't tell many of their neighbours what a good job your are doing - but at least they aren't telling all of their neighbours how lousy your service is.
# posted by Nils : 3:13 pm
