As the Sydney residential market transitions from a sellers’ market to a buyers’ market, the single most important thing an agent can do is give honest, direct and continual feedback to their vendors right throughout the marketing campaign. The days of “oh well, we will just let it roll along and hope the market will take care of it” are long gone for the most part. An educated and informed vendor will be a vendor that will listen to reason and feedback. A vendor who has set or had their expectations set above market at the start of a campaign and has been left uninformed as buyer after buyer comes through their home and rejects it on price, is left in an almost impossible position to listen to market reality come auction day.
Hiding behind the excuse “oh well, the market has changed and the buyers don’t see value’ on auction day just won’t cut it in this next phase of the market. Signing up an overpriced listing in the vague hope that the market will catch up the owners expectations will not only make an agent no money, but will also leave an owner annoyed come auction day. A happy vendor will tell a few people, an unhappy one will tell absolutely anyone who will listen.
Remember, if the feedback is negative from day 1, let them know straight away, reset and get going on a path to success…… its also ok to say no to a listing, being the second agent on the job might not be such a bad thing
