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Vendor Management


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The Vendor Call with Danny Grant

If you are not getting good buyer feedback in week one of marketing a property, it is important to be direct and decisive with the vendor. When making these kinds of calls, Danny Grant gets straight to the point.

VENDOR: What should we do?

DANNY: Look, my advice is that we drop the guide probably by about $50,000 and try and attract more buyers.

VENDOR: That's just giving it away.

DANNY: Maybe but maybe not. I've been in this position before in past campaigns and by dropping the guide, we've actually ended up getting more competition and got the campaign back on track where we wanted the price to be.

VENDOR: Can we wait?

DANNY: Unfortunately not really. We have to be decisive with this and we can't afford to lose more time.

VENDOR: This is exactly what I didn't want to happen.

DANNY: Look, even if we've got no interest, we've attracted the wrong buyers, essentially. My concern is that with our current guide, over $1.1m where we wanted, the budget is just above what buyers want to pay. We're just attracting the wrong buyers essentially, so that could mean that the market is saying that your home is worth more around 1.1. and not over it.

VENDOR: I won't sell for that.

DANNY: Well, look, that's your choice. You certainly have control over that but look, my job is to market the home and get as much as I can and we do market it for two reasons: one is to obviously sell and two is to figure out what it's worth. We're at point two at the moment. We're surveying the market to try and figure out what it is worth. Now I'm on your side. I want to get you millions for it if I can but I can't control the market. I can only mediate it.

Part of that mediation is to get competition. I still want to get you a premium price but one thing I know is that it's impossible for me to get that premium without competition. I want to get more buyers emotionally attached, and reducing the guide is the only way to do that and build the interest. Getting two or three buyers emotionally attached and competing in auction is our aim. If we don't take that opportunity to have the competitive environment at auction, we miss our chance and we will never have that opportunity of a competitive auction environment again. We've got to reduce the guide now.

VENDOR: Did I pick the wrong agent?

DANNY: No, you've certainly picked the right agent. As I said, I've got a lot of success with this and I've done this before. Look, it's just a little glitch now that we need to change. As the adage goes, if you go to the barber and just get a trim, no one notices. But if you get a major haircut, everyone notices. We've got to get the buyers to jump up and notice your property, and I've got to get competition on your home.

Now you can still control what you will or won't take, that's fine, but this is just part of marketing and I need to get attention from the buyers. I'm still going to work as hard as I possibly can but again, I can't control the market. I can only control what I do in this process.

VENDOR: I'm very nervous, but I'm going to leave it to you.

DANNY: Look, as I said, I'm on your side. I want to get as much as I possibly can. I've got to sleep at night, too. Let's do it and let's see how we go by this time next week and hopefully, we're back on the right track.

 

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