The benefit of using a vendor report
As we 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, we 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.
What is a Vendor Report?
A vendor report serves as a powerful means to establish a transparent and trustworthy channel of communication between the agent and the vendor. It highlights the agent’s contributions to the buying process and keeps the vendor informed at every stage. Unlike a simple email or phone call, a vendor report offers a more comprehensive form of communication, offering vendors a thorough overview of the status of their property listing.
Through the combination of consistent communication and the use of a structured weekly vendor report, your ability to influence vendors will grow significantly throughout the entire duration of a property’s sale.
Using Vendor Reports
Many agents are using Vendor Reports and some aren’t. Using a Vendor Report is more important now than ever before because you 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 people 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.
What to Include in a Vendor Report
What constitutes a well-crafted vendor report, and what should be your ideal scope of inclusion? It goes beyond merely ensuring that the vendor’s online marketing listing attracts the desired number of hits.
A comprehensive vendor report should encompass a wide array of metrics, offering your vendor a holistic perspective on every facet of their listing. These crucial elements include:
- A weekly recap of marketing activities, complete with expenditure details.
- A breakdown of various marketing strategies employed and the outcomes achieved through each channel.
- Key statistics related to the duration the property has spent on the market.
- The number of inquiries generated.
- Requests for Section 32 documents.
- A tally and details of private appointments conducted.
- Instances of repeat viewings by potential buyers.
- An overview of all submitted offers.
Ensuring that these elements are included in your vendor report will provide your clients with a comprehensive understanding of the status and progress of their property listing.
How to get a Vendor Report?
If you are not using a Vendor Report and would like to learn more, please click here and request a free demo.
If you are looking for a system that can capture enquiries, add inspections, record offers and automatically present them in a professional vendor report, MRI Software can help!
Contact MRI Software
For comprehensive and innovative real estate solutions that will transform the way your agency does business, contact MRI Software today on 1800 321 8770 or click here to schedule a personalised demonstration.
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