Do we need a Reward System for the Role of Vendor in selling your home?

Barry Osborne

Vendor_Reward_for_Selling_Your_HomeThe role of the vendor in Selling Your Home is often not appreciated to the degree it should. The Agent can give all the advice they want, but it is up to the Vendor as to whether they do it or not. So in many ways, the success can depend greatly on the Vendor attitude because they can be more involved in the "Selling Your Home" process that it will be easily demonstrated when prospective buyers first inspect the property. They could be the Manager responsible for the WOW Factor. Why not reward them?






 


When a person inspects a property, it is that initial feeling about that property that will greatly influence their further inspection. If they look at the house and say to them themselves in the first 3 seconds “I like this”. Then they are more likely to walk through the property looking for positive things that reinforce their initial opinion. However, if it is a negative thought at the beginning, they go looking for further negatives. Every vendor has too much riding on the sale not to be involved and to the Agent the difference in price will not affect their commission that greatly therefore it will not be of such a great concern to them as it will be to the vendor. However, both parties do want a quick sale as long as it is at the right price.


Just consider how important the role of Vendor in Selling Your Home in the whole process of marketing a property. Consider the stages in the process which are:




  1. The Initial Negotiation between Agent & Vendor



It is no different from any business situation where you need good open, honest discussion about the true facts of the property. If one cannot discuss the issues involved regarding the property such as the deficiencies of the property before going to market then those deficiencies cannot be overcome or minimised. It is so critical that the advice is taken on board by a receptive Vendor and not taken as an insult as to their wonderful home. It is very much in their interest to act on the good advice or dicuss the reasons why it is not possible. You need a partnership in the Selling Process.




  1. Preparation of the property for sale



It is only the Vendor that can go that extra mile to ensure the home is clean, the furniture and other items that are on display are of a standard that will impress perspective buyers. If certain repairs are needed, then it is the Vendor who makes that commitment even though they may feel they are not going to receive the benefit because they will be leaving the house. The house has to stop being seen as your home any longer no matter how much in love you are with it as your home. The Vendor has to sever the emotional attachment and create a house that will attract the right buyer who can see this property as their future home.




  1. The Marketing of the property



I will not discuss the advertising component in this point as last week’s blog covered that. But Marketing covers much more than just the advertising. As the owner, you have had many years living in this property and now have a real understanding of the benefits of living in this house and in this suburb so the Vendor has much information that the potential buyer will find interesting. The Vendor also knows the people in the area as well as have many friends, so it is critical that they make certain their networks know about the intending sale.




  1. The Final Negotiation



This is the crunch time when everything that you think should have been done, was done and it has paid off with a quick sale at a price that you expected or better. Then everyone is happy. But if it hasn’t gone the way you thought than it is important to make some hard decisions. Normally, this comes down to the price and the feedback is coming below your expectations. Then you must re analysis your estimation as to whether it is realistic or not and should you adjust your expectation. You will know this very early in the campaign.


The Vendor can make the life of the Agent so much easier by supporting the whole process as above. But for those Vendors who are making it easier and creating an environment for a quick sale, then they should get some reward. This does not happen in the Real Estate Industry and it should. The reward should be more than a bottle of champagne it should be a rebate on the commission because less work had to be done. The contribution by the Vendor can be very significant and it can be costly in presentation, repairs and advertising which is seen as supporting the whole sale process, then they deserve a discount on the commission. Those Vendors who don't support the sale process don't get any discount. So the Reward System supports the good vendors.


It is so often in life that we develop rules that is for everyone even though we appreciate only too well that the contribution made by people can vary greatly and that treating them the same only rewards those who often don't contribute and penalise those who do. Changes are needed in Real Estate Marketing so why keep doing the same old way when refreshing new agencies are available. If you are considering Selling Your Home please download the following.