Experienced negotiators achieve the best possible price for their clients, but the mark of a successful sale is when buyer and seller believe they have both struck a good deal. Guiding both parties from offer to sale agreed is a vitally important skill.
Using these seven tactics from experienced agents who excel at generating high levels of sales from offers will help you leverage the best deal for your clients, and you’ll be doing so with grace and efficiency. Check them against your current day-to-day, and then see how Reapit’s software for estate agents can help you complete more sales for satisfied clients.
1) Record, review and repeat
Are you chasing every viewing and recording all relevant and accurate feedback to pass on to the client? If not, questions and uncertainty about previous viewings will undermine any attempt to negotiate acceptance of an offer. Discuss recent viewings in morning meetings to create a negotiating plan.
Record follow-up notes after every viewing and confirm that the vendor has been updated in the Diary. Use Power Reports in RPS to identify viewings awaiting a response and use the follow-up notes to go back to your client with the info you need to turn offer uncertainty into acceptance.
2) Maintain detailed property records for vendors
Are you aware of which clients are more amenable to offers? Bring up these properties in morning meetings and discuss with your team and branch manager to determine which clients are more likely to accept an offer.
Log the recommended and market appraisal prices in RPS, as well the vendor’s expectation on each property record. Cross-reference these against offers received to improve the chances of an offer being accepted by your client.
3) Determine applicant position and requirements
When presenting offers, do you have all relevant information to hand? Do you have a full understanding of the buyer’s background and motivation? Check and then double check that all the information required has been collected and recorded correctly.
Record each applicant’s ‘hot’ or ‘cold’ rating, selling status, buying position and reason for moving to help build a clear understanding of their intention to buy. Take time with information gathering so that you don’t waste time with clients.
4) A negotiation is almost always better in person
Do you submit offers face-to-face, particularly when expectations are unrealistic? In these instances offers are often given more careful consideration by the client than those by email or phone. It’s also a better opportunity to discuss the details of the offer with both owners if applicable.
Accurately record the applicant’s ability to buy through detailed completion of the Chain and Sales Progress screen in RPS. This will make face-to-face conversations with the client much easier when you go into a negotiation with a thorough understanding of their expectations.
5) Make them an offer they can’t refuse
Are you taking a structured approach to submitting an offer, and really selling the benefits to the vendor? Do you know how to handle an objection? If not, arrange appropriate training.
The RPS Property Journal contains an accurate history of the property marketing and applicant feedback on matches and viewings. This information will assist the negotiator to structure the conversation with the client and provide professional, accurate advice.
6) Use teamwork to complete deals
Do you discuss pending offers with your colleagues in-branch? Input from the team may help you to put the deal together. Add your pending offers to the morning meeting agenda.
The RPS Power Organiser can be set to display pending offers being handled by either the logged-on negotiator or the branch, allowing detailed discussion in a morning meeting without the need for printed lists or spreadsheets.
7) Build your reputation on honest success
Are you ever tempted to influence a vendor into accepting or the buyer into making an offer simply to achieve sales agreed targets? Best to avoid this. It could damage your local reputation and that of your agency, and it substantially increases the chances of a subsequent sale falling through. Always be honest and give sound advice to every client.
Use RPS Offer Reporting as a personal management tool to look at the offers you direct your clients towards and identify if there is any pattern in the advice you give that could help you improve the value of your service. There’s more to life than targets, and a good reputation will inspire trust and bring in more business over the long term.