One Mistake can end your career
There are numerous mistakes that especially rookies often make, and it can easily end the agent’s career.
The Homecare team will in future provide reading modules that will help agents to increase sales… We know that agents in larger groups do receive advanced training courses. There are other aspects that is not always covered in training sessions, which we will attend to.
One of the simplest mistakes is that agents often put their trust on a friendship relationship with buyers.
Our chairman was a “Property Principal” from 1995 till 1999. He employed more than 35 agents in 3 offices… He has knowledge about the business risks agents face, as well as the mistakes some of them made that cost them their careers.
Agents forget the only relationship worth protecting, is the business relationship with the homeowner…. Rookies think that it is the Buyer’s signature that will result in money being paid into their bank accounts. (A signed Offer to Purchase is not the ultimate objective...first it is the willingness of the seller to allow you a sole mandate, and thereafter the willingness of the seller to accept a possible lower offer...)
Some agents who were not monitored spend too much time on a specific buyer. In one scenario, the agent spent more than 2 weeks trying to find a property for her friend. (It was not even a client, but her friend who wanted to buy a property)
The friend eventually bought a Sole Mandate property from the opposition…
The friend contacted the opposition agent directly, not allowing our agent the opportunity to even try and negotiate that she could introduce the Sole Mandate on a commission split… The friend knew that the Sole Mandate would have expired within 2 weeks….
The moral of the story is that there is no loyalty from buyers… not even personal friends….
We should acknowledge that buyers must make important decisions… it is the buyers who will in future pay their bonds and they who would like to buy the best option in their minds.
The buyer will not take the risk that another person buys a property he/she would like to own… even if it means that a friendship relationship could be harmed.
We will provide Stock Controllers additional information that will guide agents to work with buyers who will reduce business risks.
We also focus that agents should be first to work with buyers who rely on an agent’s support. People who will not easily want to buy privately.
Important documentation when working with buyers
It is mind-blowing to know just how many agents do not keep the correct documentation when they work with buyers….
Most agents do not bother to ask their buyers for a signature when they introduced a property to them.
The Property Introduction Document is a VERY Important document that agents should manage. It is difficult to win a court case without a signed document that the agent was the effective introducer to the property.
We know about agencies without such documents. We will help these agents to design the documentation. The Property Introduction Document must be given to the buyer before the agent enters the property. The agent should ask the client when they arrive at the property if the client was already introduced to the specific property…
If the client confirms that he/she was already introduced, the agent should ask which agent. The agent should write down this information in the Comment Box next to the address. The agent should also ask buyers to give their comments so that the agent can document these comments when the buyers view properties.
At the bottom of the Property Introduction Document, there should a paragraph where the client signs his/her name.
“I …………….… hereby confirm that ……………... introduced me to the properties listed on this Property Introduction Document. I furthermore agree not to approach the homeowners without the agent. I understand/agree that such actions will result in a commission claim against me.”
The agent can explain that this document must be handed to the Stock Controller so that the homeowners on the list can receive feedback.
Supporting your Stock Controller:
We ask agents to take a picture of the Property Introduction Document after the meeting has been completed. Agent should either e-mail the document or WhatsApp the document to the Stock Controller.
If possible, rename the picture in the following format:
2019-01-31_Thursday_ Xolela Phike_Samantha Du Toit
(Date – Day – Agent name – Client name)
This will help save the Stock Controller’s time.
Let’s say that Xolela introduced Samantha to 5 properties.
We are busy setting up folders on Cloud Servers that will help Stock Controllers. The Stock Controller will save this Property Introduction Document in the agent’s folder, plus in each folder of the properties introduced to Samantha.
It will then be easier for the Stock Controller to give feedback to the homeowners when they contact these people.