Do you have the skills to manage vendors’ expectations as the market shifts? In this week’s Coaching On The Go, I walk you through the key questions that will help you prepare your owners for this market shift and help you manage their expectations from the very beginning of the campaign. Part 2 coming soon!
Click to watch the video (or simply read the transcript) below to learn more.
Here is another Coaching on the Go Moment from real estate coach Caroline Bolderston.
Today’s Coaching On The Go is Part 1 of a 2 part series, honing in on vendor expectations. We have just experienced a strong market, where expectations have been increasing rapidly. However, indications are beginning to show that a possible market shift is near. So, how do you get your owners prepared for this?
Telling them that a potential market shift is on its way will not cut it. You need to help them change their own thinking about the market. One of the most powerful ways you can do this is by asking these two questions in your pre-campaign meeting. This is the meeting where you should be setting up the benchmarks around what should happen throughout the campaign.
At some stage of the meeting, there will come a point where I would love for you to layer in this commentary:
At some point through the campaign, I will identify who is an obvious stand out buyer. A buyer who is absolutely motivated beyond anybody else. A buyer who is willing to pay the absolute top dollar above where everybody else might be. When I identify that buyer, what would you like me to do?
Your vendor will then (mostly) say “I would love it if you would let us know when you find that buyer”.
By asking them the question, they are telling you what they want you to do. Then you need to be layering in this next commentary:
Ok, great. I will. That is my job to translate what is going on and to identify the best buyers for you. By me doing that, what will that enable you to do?
What you want them to be saying here is “That will help us to make the right decision at the right time” or “That will enable us to sell well and not make any mistakes or not look back in hindsight and say I wish we went with that buyer”. Again, it is them telling you what is the benefit for them. Not you telling them.
If you try to convince somebody, often they resist it. Using this powerful questioning will help change that.
The final piece to this is to say:
Great. I agree, because the last thing either of us want here is any regrets or any miss opportunities. So, I guess the only thing that I can’t predict is when that will happen. I want you to be prepared that this could be the night before the auction or half way through the campaign. In some instances it could be one of the first, two or three buyers that I bring through. So, now that we know how important it is to recognise that best buyer, the minute I identify them, then I know we are going to have the right outcome for you.
That is the framework that I wanted to share about setting expectations and that will help you shift your client’s thinking. It’s not about trying to beat them up with what is happening in the market and get them to try to adjust their expectations. You are getting them to tell you what to do and you can refer back to this conversation if they think the buyer has come along too soon. Reminding them that it is their idea to bring this buyer forward and not yours, will be so powerful in moving them along the campaign.
If you have a genuine desire to serve your clients, work hard and become the best agent you can be – contact me via the section below to discuss how coaching can work for you.
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