by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate
We have previously examined the way in which consumers are lured into the clutches of estate agents through FREE property valuations, but we haven’t seen such blatant promotion of valuations as a tool for the “conditioning” vendors before.
Promotional material from MyHouseValue.com.au tells estate agents how to increase their “list to sell ratio” and increase their income without increasing their hours worked. One of their tips is:
“Set the Stage for Price ReductionsThe promotional email provided plenty of clues on how to deal with a vendor client, but seemed a little light-on with regard to strategies for selling a client’s property for the highest possible price. What’s the difference between an estate agent’s valuation or price estimate and a “lead generation system”? Read the full promotional email and see if you can work it out.
A terrific technique to use when taking a listing is to explain to the seller that as a normal part of your sales process, your team mails out a price reduction letter every thirty days to homes that have not yet sold. This will provide the seller with an ongoing push to reduce their price, and provide you with a talking point during your regular phone follow up calls”