WHAT WILL IT SELL FOR?

Hi [name] and welcome to my Weekly Insight for Monday 22nd April 2013

Quote for the week:

"The way is not in the sky. The way is in the heart!"

Buddha.

WHAT WILL IT SELL FOR?

With Auctions now making up over 40% of sales in Auckland there must be lots and lots of buyers coming through open homes, emailing and phoning to ask:  

"What will it sell for?"

Over the years we have all witnessed, and maybe participated in, finding dialogues and answers that induced buyers to show interest.

In my work I still hear the old catch phrases of:

"Quote it low and watch it go."

"Quote it high and watch it die!"

"Feed the greed." etc

"I had a buyer through here last week who said he would write a cheque for $XXXXX" ( A sum which YOU KNOW is much less than the client's expectation and the market value)

"I asked my seller what would he do if I brought him an offer of $XXXXX and he said no!" (Once more, a sum much lower than you know your client will accept).

The issue here is "Why did you choose that low figure?

Whilst you may feel you have avoided answering a simple question, may you have planted an impression in the buyer's mind about a price indication?

Imagine being cross-examined at READT or in the Court and answering these questions:

"Why did you mention that figure?

What impression do you think the buyer took from that?

Where did you get that figure from?

Why did you choose that figure?

Show me your Agency Agreement and the Appraisal figure you entered on there.

Show me your appraisal data." 

As we do our Verifiable Training and review again the Professional Conduct and Client Care Rules 2012  we once again see Rule 9.4. This rule simply brings in to focus the fair Trading Act of 1987.

9.4 "A licensee must not mislead customers as to the price expectations of the client.

"Where might we see this?"

I might see it at auctions, where the opening bid immediately eliminates customers. These customers may have spent $ on valuations and building inspections only to see the opening bid exceed their budget.  If they feel agrieved and complain, then these questions could be put to the licensee?

What is your approach?

How do you handle this now?Could make for an interesting discussion in your office. As we can see from CAC and READT decisions rhey can look at the individual licensee and the agent, which means that what is in your Policy and Procedures Document should also be clear.. 

Have a truly awesome week being the best you can at what you choose to do! 

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