No doubt you have already dealt with potential vendors who ‘shop around’ for agents. There’s no formula for landing every listing at every appointment BUT here are a few tips to help you do better.
- If you have buyers, tell the vendor!
If you have access to buyers’ agents within your company or you have a healthy pool of active buyers – make sure your prospective vendor knows about it. Before the appointment, ask around the office to get a feel for how many suitable active (or even passive) buyers you may have and get a print-out for those who are more sceptical or those who don’t know you.
- Let your vendor come up with a listing price
Before you discuss property comps with your vendor, get a feel for how realistic they are around the price of their property (price versus size, worth versus location, age and features etc.)
Create a visual for your vendors by first focussing on the basic elements of their property:
- Number of bedrooms and bathrooms
- Square footage
- Size of land
- Year of construction
When showing comps, start with a property that sold for a lot less than what you believe their property is worth. Continue by showing comps which get higher in price until you reach the comp closest to what you believe the vendor’s home is worth.
Ask the vendor what they believe the top price is for their home. In most cases the vendor will come up with a figure close to the last comp shown and is happy to settle on a listing price near it. Allowing the vendor to come up with a listing price helps arrive at a realistic price and the process provides an insight into what working together would look like.
- Ask to go last!
Check with the vendor to see if they are interviewing any other agents. If this is the case then try asking if you can make your presentation after the other agents. This strategy aims to make you and your pitch more memorable and prevents them from signing-up on the spot with any other agent.
- Honesty saves everyone’s time
- If something negative must be said, then say it. You must tell the vendor what they need to know to create realistic expectations.
- Does your vendor need to or want to sell – find out what would happen if they didn’t sell (are they just testing the market?)
- Identify any issues with the property (traffic congestion, noise, problem neighbours, natural hazards, lead-based paint, asbestos, etc.)