Have you ever been unsure of how to approach your clients about vendor paid advertising (VPA)? In the realestate.com.au webinar Excellence In Marketing, industry expert Dan Spencer shared his top tips on communicating with your clients and securing more VPA.
Getting your vendor onboard starts at the listing presentation, Mr Spencer said agents should think of their presentation “as a storybook with specific chapters”.
Finding out a vendor’s goals and motivations and aligning them with the value you can provide is a great way to begin – be clear with the costs and timelines from the beginning so there can be no confusion down the line.
Mr Spencer recommended agents be clear with the vendor about the length of the marketing campaign and how it relates to the timeline of the sale, he said agents should explain to vendors how to “use their position of strength at the beginning of the campaign, which is why it’s important that their marketing is pushed hard from the beginning”.
Through using case studies, Mr Spencer said the agent can show the vendor why positioning and presentation is so important and how it can help the property stand out in ‘the sea of listings’.
Agents shouldn’t forget that they will need to stand out in terms of value, but this isn’t always by being the cheapest; Mr Spencer said the phrase “I don’t think the cheapest is what you want, what you want is the best quality agent and agency with the best quality product and service for the best price – not the cheapest” can help agents explain this to vendors.
Presenting the options as a package, as opposed to individual items, that has been tailor-made for the vendor is an easier sell than a large inventory list which can see them get caught up in small things and multiple costs.
Mr Spencer said it’s important to remember what you’re selling, vendors want their property sold quickly and to see return on their investment in a short timeframe, so if you’re able to sell this you’re going to get less resistance than if you focus on “selling marketing”.
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