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Vendor Management

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My Signature Negotiation Process by Lee Woodward

What to say, what to send

If you receive an offer on a property, your first instinct is excitement, as a deal may be near. Before running off to inform the vendor though, step back and work through the following 11-point plan of action.

1. When the first offer is received, be sure to stand and negotiate. Remember that silence implies consent. If you do not question now, you will never return to this step

2. Move price aside and explain the process to the purchaser. It is important that the offer you take to the vendor is genuine. This can be best achieved by clearly explaining the commitment required to sign contracts, ensuring that the offer can be taken seriously by the vendor. If the purchaser protests, you may be dealing with a tester.

3. Finalise the terms. Another great way to firm things up is to discuss details beyond the sale.

4. Continue on the subject of price.

5. If the offer you now have is in the range of anticipated value, ask the purchaser to sign the contract for delivery to the vendor and take the initial 0.25% deposit. If not, make a time to see the vendor anyway.

6. Meet the vendor. The vendor meeting needs to provide information, not achieve quick acceptance. If you just advise the price offered, you are robbing the vendor of the experience of the process and no matter how good the figure, a natural response is to say no. This is where timing plays a large part.

7. Plan. Give the vendor the history of the buyer – how long they have been looking, how many children they have and what they loved about the home. Then confirm the deposit and terms of settlement. This process prepares them for their own move.

8.Deliver the price, then the second offer and be silent. After the vendor’s response, move into a dialogue explaining that you wish to return to the purchaser for a higher offer. This way the vendor feels you are truly working for them. Always expect to go back on behalf of the owner, even if the original offer is accepted.

9. Sign up the vendor or return to the purchaser.

10. Meet the purchaser and deliver good news about how close you are to securing a home for them. Work them to the very last dollar, for example, $425,650, as odd amounts count and may pull you through to the threshold of mutual agreement.

11. Final vendor meeting. This meeting can be as long or as short as you make it. If the vendor and the buyer are still apart on price, go back through the purchaser’s history. If you have achieved more than expected, you can be assured that you will be welcomed and referred to their family and friends.

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