00:00 –  As we enter 2025, it is very clear we have a different market. We have a marketplace where there are less buyers and the buyer energy is not what it used to be. Fear of missing out is no longer a negotiation strategy for agents. You’re going to have to learn how to become a great vendor manager. And there are two types of vendor managers. There is the sledgehammer agent, and I don’t like that. That’s the one that goes in and overprices it and then comes back and says, bedrooms are too small, kitchen needs work. Well, hello!

0:00:31 –  You knew that when you inspected the property. Strategic vendor management is this. Mr. And Mrs. Vendor, I’m expecting X amount of people to come to the open on Saturday and I’m expecting X amount of virtual inquiries. If this is not achieved for this kind of property, it means that we’re not meeting our KPIs and we may need to look at the price that we’re using in presenting your property. Mr. And Mrs. Vendor, I’m setting up an appointment to see you next Tuesday to go over those stats. Out of role play.

0:01:02 –  That’s what the good agents are doing. You want to know why? Because as the stoics say and the great philosophers of the world, it is the unexpected that lands heaviest in life. And what do we do as great vendor managers? Help people manage expectations. If you’re not a real estate gym member and you want to become a black belt in vendor management in 2025, go to the Real Estate Gym. Now. We are signing members up.

0:01:31 –  It is the intake time!