Vendor Management
Here are some tips on managing vendors:
Understanding Market Dynamics: Recognise the fluctuations in the real estate market and how they impact vendor management. For instance, in a market with low stock, vendor management may seem easier compared to a market with higher stock levels.
Setting Expectations: Properly setting and managing vendor expectations is crucial. This includes educating vendors about the selling process, potential outcomes, and market conditions.
Using Social Stories: Employ techniques like social stories to ease vendor anxiety and prepare them for the selling process. This involves laying out the steps involved in selling their property to alleviate stress and uncertainty.
Anchoring to Campaign Vitals: Anchor discussions back to campaign data and market statistics to provide evidence and manage vendor expectations effectively. This helps avoid unrealistic expectations and disappointment.
Positioning Yourself as an Advisor: Rather than just a salesperson, position yourself as a trusted advisor to vendors. This builds trust and credibility, essential for navigating challenging market conditions.
Platforming Future Conversations: Prepare vendors for future conversations by platforming discussions. This involves setting the stage for what to expect next, reducing surprises and shocks.
Delivering Service Effectively: Ensure that the service you deliver to vendors is of high quality. This helps mitigate blame on the agent if things don't go as planned and builds confidence in your expertise.
Securing Real Offers: In a changing market, focus on securing genuine offers from potential buyers. This demonstrates your effectiveness as an agent and maintains vendor confidence in your abilities.
Understanding Vendor Emotions: Recognise and understand the emotions vendors may experience during the selling process, such as shock or frustration. Avoid taking these emotions personally and focus on guiding vendors through the process with empathy and professionalism.
Managing Expectations Throughout the Process: Continuously manage vendor expectations throughout the selling process, adapting strategies as market conditions change. This helps maintain trust and collaboration between the agent and the vendor.