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Getting opportunities to list and getting them online publicly is rather tough right now.
Interest rate rises are causing concern, with each one sending a lot of sellers scuttling back into their shells seemingly just as they’re about to commit, and then, of course, there is the “we’ve got nowhere to move to” line that frustrates lots of us from time to time!
We do need to be grateful to some degree because this limiting of stock is the only thing propping up this market, with supply equally as low as the demand in places. But as great as that is, it’s not going to fill the coffers in the short term.
So, what can we do to generate some action without sounding too desperate?
1. Paint the picture beyond the transaction
It is advantageous to take the conversation away from the selling of the home and towards any goals that the owners may have in mind that would require the selling of their property.
The key to this? Talk about time.
But don’t just talk about it. Get a calendar out and reverse-engineer their desired outcome, and map it against any potential further decline in the market that could come about from further interest rate rises and greater stock levels coming onto the market.
By showing them their future, they can grasp it a lot easier, and you’ll make it all feel more real.
2. Translate any news to your pipeline
The mainstream media are certainly painting an “interesting” picture, but the action on the front line is suggesting that the opportunities to cash in are still there.
If the news reports on anything to do with real estate, you need to be the one bringing a balance to the content and translating what the report means directly towards those home owners who have indicated a desire to sell.
However, these won’t be enough alone, so adding some case studies as proof to substantiate your suggestions are imperative. Send a property that is comparable to theirs. If you send a unit to a mansion, you aren’t moving anyone!
3. Get video messages from your existing vendors
These are not testimonials, as they’ve likely heard enough of your fluff by now.
Getting the vendors who you have helped get over the line to talk to the concerns of your potential vendors is so powerful. Ask them to answer questions like:
“What were your concerns about going onto the market now?”
“Why did you ultimately decide to make the move when you did?”
“What was your outcome in the end?”
Having these put on record (in writing if you can’t get a video) can provide encouragement that you couldn’t replicate, because they’re hearing it from others that have been in similar situations.
4. Show a much stronger pre-market strategy
Half of our problem is that we do a lot of talking, but how much strategic thinking do we show our potential vendors?
Put a plan together that includes demonstrations of your strategy, e.g. links of pre-market walk-throughs and buyer VIP SMS examples, and let them “experience” what they can expect.
If potential vendors can feel their way through the pre-market process, they’re likely to feel more assured that they’re being more calculated in their approach.
5. Stream your auctions live to your potential vendors
Send an SMS to your potential vendors with a simple question — “Do you want to watch our auction this weekend? Reply Y/N.”
For those that reply “Y”, send them a link to a live stream, with the instruction that you will call them later that day to talk about what they watched. When you make that call, tell the story of the auction, providing detail on any vendor conversations, any pain points and how you overcame them, and what brought the outcome.
By helping them to feel immersed in the positivity, there is a chance that they’ll take the plunge with you!
Andy Reid is an auctioneer and the director of Apollo Auctions Victoria.
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