The Importance Of Vendor Reports
When you last went to an open home, do you remember the agent calling you back and having a chat? Have you ever wondered why they do this? The reason is to compile a valuable document that every vendor within Bayleys receives once
a week – the vendor report.
A vendor report looks at three key ‘feedback’ areas from the market that are important. These include the following:
Features and Presentation
Listening to buyers comments (and taking some with a grain of salt) is essential as over time you become aware of what the ‘majority of people’ think about your home. Through this, you learn what they LOVE about the property, what things they would consider changing, as well as a potential price point for selling. This helps to enhance areas if required or perhaps alter the marketing to reflect feedback.
For example: We listed a property in Burwood. It was an excellent property and from the first open home and our call backs, we learnt that people were mainly looking in the area for proximity to the forest and beach. We consequently changed the marketing headlines and some of the copy before the next open home and attracted additional buyers.
One aspect of our vendor reports that our clients love is transparency. In the reports you are seeing the actual emails that buyers send us, our replies, and all our notes on the calls we make to them. You are kept informed about the comments we make about the guide price, and responses. Over time these reports give a clear picture of who your buyer is likely to be, so when we present an offer, you will know them almost as well as we do.
Your property will be worth a specific price to different buyers. This will depend on how long they have been in the market, how well they know the market, but also their motivation for buying a home. When we call back open home and private viewings attendees, we often ask questions to find out what the property is worth to them financially. Some people have unrealistic expectations. If you ignore the extremes, a pattern starts to emerge on where the majority think the property’s value lies. This sits in conjunction with the appraisal we provide at listing and our local knowledge. This will help you to understand whether an offer is one to be seriously considered, can be confidently countered, or whether it’s a great offer.
For example: We ran a competition at a high-end home. Attendees filled in a form at the open home with 1) what price they think the house will sell for, 2) what they loved about it and 3) what they would change. After a month a winner was drawn and they were given a beautiful Ecoya gift set. This provided us, and the vendor, with valuable information. From this information, our vendor, who was a builder, was able to help design the next house while considering features that the market feedback saw as relevant. Interestingly, the price feedback was a perfect bellcurve graph and prices ranged from $800,000 to $1,500,000. Therefore we knew that when we got an offer in the high $1.3M range it was one to be seriously considered, and we worked with this purchaser for over one month. The deal was sealed along with some awesome terms. This price set a record for the area.
Promotional Material in Action
Our vendors really appreciate the reporting and feedback from our team. We believe that selling should be a team approach and as our vendors you become part of our ‘team’. When selling a home, you should be aware of everything that is happening. In the vendor report, you are able to see the full web statistics for each week, and access parts of the marketing campaign, including facebook posts, open home posts and website features. You are also able to see the country of origin, so if there is an overwhelming number of people looking at a property from a particular country then we know to respond.
For example: One property recently had multiple views from America. We responded with flagging a ‘virtual open home’ on realestate.co.nz. We were subsequently contacted by a potential buyer who asked for a viewing. We did this through prerecorded footage of the home, using PowerPoint and Zoom. We are still actively talking with that party about putting forward an offer. Although it meant a meeting at unusual and unsociable hours of the night, this is the level of commitment that our vendors receive.
Our standard of commitment to our vendors is:
• Our clients hear from us straight after each viewing and open home
• Regular updates on the progress of the listing. We respond to your preferred
communication style. Whether you want to meet with us or correspond via text, email or phone updates, we can make it happen.
Please: If you choose not to sell with us, please ensure your chosen agent is going to give you comprehensive reports and enquire about their follow-up process. Make sure the agent actually follows up with the buyers who visited your home. Without follow up and keeping in touch with the market, it’s a little like fumbling around in a dark room. If you would like to see a mockup of our vendor reports, please ask. We are happy to show you the level of detail that is a minimum standard for our team.