Two Generations, Two Perspectives: Graham and Michael Love on Real Estate
Real estate has come a long way in three generations, and Love&Co have seen it all. Since our business opened its doors in the 1940s, it has grown into a multi-office brand, well-loved and trusted by Melbourne’s community in the outer north. So, how have things changed over the years? Are we still doing business as we used to? In today’s blog, Graham and Michael Love chat all things prospecting, off-market sales and client communications from two generational perspectives.
You’ve just listed a property in a popular street. What is one prospecting activity you should do that will make the area aware of your presence?
Graham: I like being on the ground in my neighbourhood. As a courtesy, I’d contact the neighbours on either side of the property. You never know, they might be aware of somebody keen to purchase on that street. I’ve known many sales results to stem from chatting to locals!
Michael: The first port of call for me is to update the sales team, and then get to work on the database. I’ll jump on the phone and start pairing the property to potential buyers.
You’re listing a property in competition against an agent. The vendor tells you the other agent is willing to do the job for a much lower fee and asks you to match it. What would you do next?
Graham: One thing I have learned is that all vendor objections are simply opportunities for you to answer concerns they’ve not yet identified. Get into nitty gritty and take time to look at fine detail with the client. I’d focus on my median fee price across my career, showing evidence of the latest 5 authorities I’ve signed, and explain why my fee is what it is. The key here is to show the vendor that they’re not comparing apples with apples – not all agents are alike in expertise and approach!
Michael: I would ask for the opportunity to earn my full fee by evidencing my value and explaining exactly how I’ll do a wonderful job for the client. I’d look at the counter quote and explain why our level of service is worth more.
You’re new to a farm area and want to win two new listings this month. What’s the number one thing you should do, and how should you do it?
Graham: I’d get on the blower to all phone numbers in the area. Sourcing and sharing recent suburb results data with potential vendors would allow me to show my experience and value, and then I’d pop an old fashioned ‘thank you’ card through the door – nothing beats a personal touch!
Michael: Prospect, prospect and prospect. Calls, door knocks and drops is what it’s all about when you’re new to an area. Get the word out there about your foray into the market. Then I would then turn my attention to the database and look for gaps in knowledge and client communication. Looking into past OFI books and past appraisals can identify potential buyers and vendors that haven’t been contacted recently.
A vendor has told you they’d like to sell a property on the quiet, ‘off market’. What would your recommendation to them be? How would you help them get the best result?
Graham: For some vendors, selling off market is critical for personal reasons, and in those cases we work to match a buyer from our extensive database to their property. You really need to be nimble with your client’s preferences – sometimes auction is just not the right approach for myriad reasons. I would always recommend that vendors take advantage of our 70 years’ of experience and work with Love&Co to effect a private sale ‘off market’ if privacy is important to them.
Michael: This happens quite frequently, actually! I would do a database search for an ideal purchaser and then make sure I negotiated to my very best capability. If I could get the correct buyer, it would be a great way to sell. Given the current market, there is plenty of demand for specific types of properties, so if the demand is ready and waiting, vendors can walk away from ‘off market’ sales very satisfied.