Do you take on the role of a teacher or a teller when you communicate with your vendors? In this week’s Coaching On The Go, I let you in on another tip that will help set vendor expectations from the very beginning – so you won’t be having to deal with the difficult conversations later.

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 I wanted to let you in on a few tips about how you can better manage your vendor’s expectations. This is something you can easily layer into either your pre-campaign or listing meeting.

Teaching your clients about buyer behaviour and who you see and meet through your open homes is so important. You could have a really busy campaign with high numbers of people inspecting the property, which can make the vendor feel that everything is on track, even though this may not be the case.

When you share insights or teach your clients about the market and how things work in the industry, they take on board what you are saying more so than if you were to give them data or tell them what to expect.

Teaching people is a really great way for you to get your messages heard and adopted.

Through every open home, you will have three groups of different people inspecting. Be really clear that you aren’t calling these three buyer groups.

Group 1: A or AA Buyers

These buyers are at the peak of their buying cycles – at stage 3. They are making offers and are ready to go. These buyers are ready to transact and if they are interested in the property will most likely purchase.

Group 2: The Researchers

These people are inspecting, however, aren’t really buyers yet. They are researching and just starting to get a handle on what they may do in 6 months or a year. They are what we still call buyers, however, they most likely won’t buy. They are inspecting to potentially buy in the future.

Group 3: Non-Buyers

This group is a combination of both property owners who are researching or have a hobby inspecting properties. These people are not buyers at all.

Sharing this information at the beginning of the campaign will help explain to your vendor that each Saturday you will be meeting these three different groups of people inspecting. Your focus as their agent is to identify those who fit into Group 1. It’s your job to let them know to not gain a distorted view of how many interested buyers they have before you have sifted through and allocated them to the particular groups.

You can also call upon the numbers that out of every 25 groups through, usually, 10-20% will be in Group 1. That is what you are looking for to filter the numbers, so you know exactly who you should be dealing with.

Sharing this with your clients is going to assist you when you need to give a message that you either are or are not on track, based on how many of those Group 1 people you meet.

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.

Tags: A buyerAA buyerbecome a teacherbuyer behaviouridentify non-buyerslisting meetingsmanaging vendor expectationspre-campaign meeting
Caroline Bolderston

Caroline Bolderston

With over 17 years of industry experience Caroline has a track record of personal high performance and exceptional results. Taking her passion for Real Estate sales and her genuine interest in sharing her expertise to develop others, she was the creator of the Belle Property Academy which has delivered many $1M agents and high performing sales teams.