Keeping vendors engaged throughout the sales process
You’ve got an offer.
Your vendor is happy, your buyer is happy.
Property transaction times are increasing. In 2020 the average time for an agreed sale to complete surged from 90 days to around 110 – 115 days according to Zoopla.
While it’s likely that we will see fall back to more normal timescales in 2022 – thanks to a less frantic market, it’s still very much the case that many estate agencies are failing to keep vendors engaged throughout the sales process.
The importance of good communication
In a recent survey carried out by The Homeowners Alliance, 87% of people said that a rapport with branch staff was their main reason for choosing a specific estate agent.
However, a great relationship built during the process of finding a buyer can quickly turn sour if good communication doesn’t continue during the sales progression stage.
In another survey, this time carried out by the Law Society, 45% of respondents said that poor communication either prolonged or caused their home move to fall through. And while many delays may be out of your control as an agent – keeping your buyer up to date, and showing you are very much working on their side is crucial.
While delays often happen, the way you communicate with both vendors and buyers throughout the sales process are what will leave the lasting impression.
Being pro-active during the sales process is one of the best ways to leave a good impression with your vendors. If you don’t actively update them, this will leave them with the feeling that they are “constantly chasing” you – as you put the onus of communication on them.
Schedule in specific times to call them, even if there is no update to give.
You can also provide a “feel” of communication by getting clever with your content throughout the sales process.
Carefully planned content
In addition to providing sales progression updates, creating a good email content plan can help you to strengthen the relationship with your vendors.
Consider content that will help your vendors at each stage of the sales journey. When an offer is accepted, you may want to send out a standard email that explains what the sales process looks like, and the likely stages that they will need to go through. This not only provides a sense of support but can help to speed up the sale if both sides know exactly what they need to do next.
As sales near exchange, consider other information that will be helpful to them. This could include details around what their completion day may look like, or even tips for packing and moving.
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