Seller Management Standards
The following standards form the basis of the Results Vendor Management System. When you apply these standards with all your listings, you'll create raving fans, have lower than average days on market and be known in your market as a results-producing agent people can count on.
1) Daily Vendor Communication
One of the most important standards during the marketing process is that the vendor should never need to call you. So a quick daily contact (ideally via phone) is excellent. Basically you're giving them a "what's happened today" update.
Remember, if a vendor hears nothing, they assume nothing is happening!
2) Weekly Written Reports
The power of putting a written report in place for a vendor is incredibly important. This creates an effective agenda for the strategy meeting as well as allows them to review at a later date what has and is occurring during the sale. Effectively, you need to develop a weekly update template that you customise for each client. This report follows the format of the weekly strategy reviews.
3) Weekly Strategy Reviews
During the marketing of their property, vendors enjoy feeling "in the know" about what is happening. When you have a weekly strategy meeting with them, you're able to address issues and make any changes to the sales strategy during the marketing of their property.
The Agenda for this meeting would include:
# Marketing Update
# Buyer Enquiry/Profile
# Groups through Opens
# Virtual Visits
# Buyer Feedback
# Price Competitiveness
# Contracts Issued
# Offers made
# Pending exchange
By applying these standards your success as a real estate professional will be sure to follow.