Sellers
From an administrative perspective, you need to keep in mind that the following administrative tasks are required when dealing with a Seller.
Record the following:
- Source of the lead, where did they learn about us.
- Reason for their selling.
- All contact details to ensure the validity of the contract – full names, erf, physical address, price, start date, end dates, commission etc.
- Agreed marketing plan during the mandate period.
- Any contract changes – in writing and signed.
Record maintenance of:
- Regular seller communication: buyer feedback, price counselling, show days etc.
- Relevant market information: other sold properties, new comparable properties on the market.
- Time frames – to ensure meetings or service obligations.
- Updating of seller activity reports.
- Regular management/company meetings to maintain market interest in the property.
Management functions:
- Market share – ours vs competition.
- Figures: number of buyer viewings to offers, number of days on the market, listed price vs selling price etc.
- Personal figures: number of hours worked on the property, R earnings vs end selling price etc.
- Management: number of listing appointments vs mandates.
- Management: source of leads to maintain marketing focus.
Buyers
From an administrative perspective, you need to keep in mind that the following administrative tasks are required when dealing with a Purchaser.
Record the following:
- Source of the lead, where did they learn about us.
- Reason for their selling.
- All relevant contact details: names, telephone number, email addresses etc.
- Their pre-qualified affordability price range.
- Detailed property needs i.e. location, price range, type, accommodation needs etc.
- When they need to have bought by to determine their urgency.
- Who will make the ultimate purchase decision?
Record maintenance of:
- Continuously re-assess needs to ensure that the client is matched to the right property.
- Feedback sessions and actions are taken based on the feedback information.
- Call lists/schedules to ensure buyers don’t fall by the wayside.
- Update control document by removing any buyers who have moved on or don’t respond to our attempts to contact them.
- Schedule of appointments done.
Management functions:
- Growth of our future client referral base = future earnings potential.
- Review figures quarterly and manage ‘numbers’ i.e. number of buyer appointments vs offers taken.
- Analysis of weak areas and plans to address these weaknesses.
- Analysis of our source of leads in order to keep our marketing and advertising focus.
- Review practitioner performance figures: i.e. the number of appointments made, the number of show houses done, the number of hours worked vs earnings, number of homes shown per sale etc.
Practitioner
On any given day, some of a practitioner’s activities will be income-producing while others will be strictly administrative. Administrative duties include tasks such as:
- Completing, submitting and filing property documents, agreements and lease records.
- Coordinating appointments, showings, open hours, show houses and meetings.
- Loading properties onto the various property websites.
- Creating and distributing flyers, newsletters and other promotional materials.
- Creating and implementing paper and electronic filing systems for records, correspondence and other material.
- Data entry.
- Developing marketing plans for listings.
- Maintaining and managing client databases.
- Researching active, pending and sold listings to develop comparative market analysis (CMA) reports.
- Responding to emails and phone calls.
- Updating websites and social media profiles.
Lead Generation
A popular way to build contacts and generate leads is through a property sphere of influence through the people the practitioner already knows, such as family, friends, neighbours, business associates and social contacts.
Because most people will sell, buy or rent property at some point in their lives, every person that a practitioner meets is a potential client. That means that a property practitioner’s day often includes meeting and speaking with lots of people, giving out business cards, and keeping track of contact information for a growing sphere of influence. Meeting people and handing out business cards is only one step in cultivating new leads, however. After the first contact is made, it is important to follow up with periodic phone calls, emails, postal mail or text messaging to keep the practitioner’s name fresh in the minds of all potential clients.
Marketing
A practitioner also assumes responsibilities for marketing the home in the local community. This includes taking pictures and putting them on their website and in local newspapers. Showhouses, open hours are periodically held to invite other practitioners and people from the community into the home. As part of the marketing and selling process, the practitioner also takes calls from prospective buyers and other practitioners to schedule showings of the property to home shoppers.
Viewings
Practitioners work with potential home buyers to identify properties in their price range and schedule viewings. Practitioners call sellers to make arrangements for a home viewing. He/she pulls pictures and listing details from the multiple listing systems and shares them with the buyer during the home visit. As they show the home, they share information, point out features of the property and answer any questions.
Working with Clients
Whether working on behalf of buyers or sellers, property practitioners typically spend time each day working directly with clients. A practitioner, for example, may spend time preparing a listing presentation, taking digital photographs of the property, and staging the home so it shows well. On the other hand, they may spend time combing through the MLS to find appropriate listings, printing or emailing the listings to the potential buyers and showing the property to interested buyers. Property practitioners also accompany clients to inspections, key handovers and other activities where their presence is either required or requested.
A property practitioner plays an active role in the completion of a purchase transaction. The practitioner submits an offer to purchase with an offer price when they find a property of interest. During this process, some practitioners actively consult on writing an offer while others prefer to let clients make decisions alone. Once an offer is received by the practitioner, they present the offer to the homeowners. They can accept or reject the offer or make a counteroffer. This process goes on until both parties agree to price and other terms.
Meetings
Property practitioners work for and under the umbrella of a principal, and as such, typically work in an office with other property practitioners. Regular office meetings allow practitioners to share their new listings, update other practitioners on price reductions and discuss buyers’ needs, which can help practitioners line up buyers and sellers.