Tom Panos 00:00
the volume of sales in Byron. It didn’t go down by 10%, it didn’t go down by 20%. Volume has more or less halved even more. You’ve survived a very turbulent year. Things look like they’re getting better, but I want to ask you, sue, you had an incredible month last month. What are some of the conversations you’ve had to have in that marketplace to help you get those results? What have you done differently?
Su Reynolds 00:27
I think it took a couple of months of not getting paid too much in the expenses flying out the door to decide that I needed to do what I know I need to do, and that is number one communicate with my vendors very regularly. You can’t go a week or even five days and then the next conversation is we need to change your price. It just doesn’t work that way. You’ve got to build that trust. You’ve got to share with them everything that you’re doing behind the scenes. Look at the statistics and the metrics and explain to the, decipher them what does it mean to them and how we’re tracking, and do it early on, not leave it for a few months and then say, hey, guess what, I got the price wrong. So it’s sharing that with them and leading them to the same conclusion. So by the time you get to the point where you do need to possibly adjust the price, then they already know and they finish the sentence for you. Often.
Tom Panos 01:15
Sue, yesterday we did a podcast for First National and I was listening to the methodology you use, Even when there’s low inspections on a property, the way you’re able to use the data to talk about the fact that there are people virtually visiting the property but they’re not taking the next step and doing a physical inspection and using that data to help realign price. Tell me a little bit more about how you do that.
Su Reynolds 01:41
That’s pretty systemised because I look at those figures every day to see how we’re tracking. Every week I share the reports from Ignite and our inspection reports with the sellers and I explain it to them. I don’t just send the report and say, oh, your web hits are great, so what it’s okay. Number one what I’m looking for for your transaction here is that do the buyers in the marketplace actually know your place is for sale and the web inspections absolutely show me that they’re well above average. I explain the graphs and that you look how far above average of Byron Bay web hits your property is getting. So clearly the buyers are loving your property.
The next thing I look at is how many inquiries? Are they interested enough to inquire on the property? And then is that translating through to inspections? So if the property isn’t priced, we’re clearly getting a lot of inquiries getting the price, and then inspection numbers are low. It’s pretty obvious they love the property. Get the price doesn’t make sense, don’t have a look. So then, not only that, I explain okay, this is what I’m going to be looking at after next Saturday’s open home, because then they know okay, we’ve had two groups through, not 10. We know what that means is we’re still not priced right, whereas I can lose a week in their strategy by not preempting what I’m looking for that next week.
Tom Panos 02:58
Beautiful. So it sounds like to me what you’re doing is you’re creating the evidence that’s available. Well, actually not creating it. You’re reporting on the evidence, which is data to help vendors understand why you’re making the recommendations that you’re making, a little bit like a barrister explaining to a jury. This is the reason why this thing has happened. Let me give you the data and the evidence.
Yes, and I have to say, the other thing I want to comment about on this video with you is you’ve got this incredible ability to stay in contact with people, give them information without commission breath. I can experience that as a part-time resident of Byron, where, example, you send me a text message. By coincidence, we were there this morning. You sent me a text message and you said that’s given you a test ride of the real estate gym. In the real estate gym, we’ve got all the information you need to succeed, whether it’s prospecting, listing, presentations, scripts, dialogues, how to actually have the best templates and have a process driven business. You can join the real estate gym. The doors are open now and it is less than one coffee a day as an investment.