How to Close the Gap Between Vendor Expectations

It’s a problem that real estate agents across Australia struggle with because, let’s face it – sometimes, bridging the gap between you and your vendor’s expectations can be challenging. Fortunately, there are a number of tactics you can employ to tackle this problem head-on. Read on to find out more.

Arrange a Set-to-Sell Meeting

This is also known as the expectation meeting and sets a clear foundation between you and your vendor before the open home. You should host it a couple of days before this date and focus on the standard benchmarks, such as the number of contracts you expect to be requested after the open home, how many buyers came through the first inspection, how many buyers request a second inspection and any feedback on your guide price. Finally, in a changing market, you should explain that the first offer can be the best offer.

Set Weekly Face-to-Face Meetings

Keep your vendor updated on progress by hosting weekly meetings. These should be in your office if possible to pull your vendor away from their comfort zone. You should talk over the progress of the sale by talking over the benchmarks we’ve mentioned above. From here, you’ll be able to make accurate recommendations backed up by the evidence you’ve received.

Book in your vendor meetings at the set-to-sell meeting, bearing in mind they should be weekly for auctions and fortnightly for private treaty sales.

Create Vendor Reports

Nothing will help to manage expectations like a detailed report your vendor can hold in their hand and review at their leisure. This report should contain a summary of all the key benchmarks after 3-4 weeks of your sales campaign. Details should include web hits, similar properties on the market, feedback from other buyers, what’s just sold, and which properties you’re in competition with. You should build this out into a recommendation plan for moving forward towards the private treaty sale or auction.

With iDashboard you can provide your Vendor with their own online login portal, so they can view information live as it’s entered into iDashboard.

Send a Follow-up Email to the Auction Reserve Meeting

After you’ve had the auction reserve meeting with your vendor, send them an email reviewing all the key points you’ve discussed. Not only will this be a valuable resource to your vendor, it’ll also help to reassure them that you’ve got a firm grasp on the sales process, as well as what’s going to happen on auction day.