Vendor Reporting - show them what really goes on

As I talk to real estate agents across the state, many are concerned about the rise of the DIY / Flat Fee selling models. These models are increasing by the day and the common thought is that people are attracted to these models only because of the savings on commission.

For some this may be true - but for many, I believe prospective vendors truly don't understand how much work is involved in listing, marketing, negotiating and ultimately selling a property.

Unfortunately, vendors do not get to see "behind the curtain" and for many, all they see is a sign go up, listing appears on the internet, parties attend opens and offers being submitted. If this is the perception of what happens, then I can understand why some vendors question the amount of commission being paid to an agent.

These vendors don't see the normal real estate selling model as being of VALUE.

What we as an industry need to do is inform our prospective vendors of the level of activity that goes into successfully listing and selling a property.

By using an agent to sell your property, we save you time, we reduce frustration and we use our expertise to extract the highest and best possible price the market will pay.

Industry representative bodies, franchise head offices and agents at the local level need to be communicating the value proposition and not just compete on commission alone.

Once prospective vendors realise how much work is involved, they will start to ignore the DIY / Flat Fee models as for many it would be too much time and work for them to commit to selling their own properties.

In practical terms, there is a simple way of communicating to our vendors all the work that is being done - the

Vendor Report.

Many agents are using Vendor Reports and some aren't. I feel that using a Vendor Report is more important now than ever before because we can use this communication tool to combat the DIY / Flat Fee selling models. 

As agents, we need to be justifying to the vendor where our time and energies are spent.  

Yes, we achieved a successful sale in quicker than normal time, but look at how many enquiries we went through to find the right buyer.  

See how many "tyre kickers" we spoke to at the opens on the weekends. See how many follow up phone calls we made to keep the hot buyers interested so we could create competition around your property. 

It's this type of feedback in the Vendor Report that will ensure your fee is never questioned. 

How to get a Vendor Report?

If you are not using a Vendor Report and would like to download a free template, click and complete your details here http://freevendortemplate.eaglesoftware.com.au/ and the vendor report will be downloaded immediately as a Word Doc.

If you are looking for a system that can capture enquiries, add inspections, record offers and automatically present them in a professional vendor report visit our website at http://www.geteagle.com.au/products/crm/ or call us on 03 9016 04444

 

 

---