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Vendor Management


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Vendor Management: Communication, Lee Woodward

Once you have been chosen as the listing agent your moments of truth begin!

Vendor management is a critical skill in real estate sales. Do it well and you will be assured of happy clients who will refer your name to others.

Immediately after leaving the listing appointment, signed Agency Agreement in hand, you will be feeling on a high and your client will be feeling confident about their final decision to go with you. But that can all change dramatically overnight. Once a newly signed up vendor starts talking to others about their decision, they may hear all manner of comments from well-meaning friends and family members, such as “what fee did you pay?” and, “you didn’t go exclusive did you?” As a result of this possibility, your words and actions during this period must confirm your initial statements of reassurance.

Vendor management is a critical skill in real estate sales. Do it well and you will be assured of happy clients who will refer your name to others. Do it badly or worse still, not at all, and you will struggle to achieve your goals in this industry.

The key to managing vendor expectations is to discuss the actual process, describing the vital steps that you will take to successfully transact the sale. Your role is to provide facts and make recommendations that will help guide vendors during their decisionmaking process. A good quality process will ultimately lead them to the best possible outcome in the sale of their property.

Order Lee Woodward’s book “What to say, what to send” at www.realestateacademy.com.au

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Vendor Management: Communication