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THE PROPERTY SALES PROCESS

PURCHASER MANAGEMENT

Step 6: Purchaser Management

Haze Real Estate expects that all salespeople deliver the following minimum service to all potential and actual purchasers:

  • Respond timely to each inquiry - that means same day or latest next day
  • Ensure you know the facts of your listing so you are able to answer questions accurately and completely.  If they ask something that you are not reasonably expected to know, find out or refer them to the source of the information, e.g. the Council.  Most importantly, if you don't know something  - NEVER GUESS!
  • Record each inquiry in the "Owners Feedback" tab on the property file in VaultRE so that it will pull through on your weekly vendor report.  Email inquiries from Trademe will automatically be recorded in this tab and will automatically be in your vendor report.  Inquiries from other portals such as Realestate.co.nz or Oneroof will have to be manually entered (copy and paste) into this tab to pull through onto your vendor report.
  • Follow up each potential buyer after a viewing and ask for feedback.  Their feedback in instrumental in managing your vendor's expectations.  Also again contact potential buyers if there is a price drop or any other change in circumstance relating to the sale of the property.
  • A buyer MUST view a property prior to submitting an offer.  If this is not physically possible, the offer to purchase must contain a "Subject to viewing" clause.  This is a standard REINZ clause and is available on the REINZ e-forms system.  This viewing might result in the buyer deciding not to go ahead with the sale, but that is much less of an issue than a buyer bound by a contract based on their assumptions and what they could see on a limited number of photos.  Buyers caught in this position are very likely to lodge a complaint with the REA for misrepresentation or similar which could land the salesperson in very hot water.
  • Once a contract is signed by both parties, do not harass the buyer with regards to the conditions of the contract.  Discuss a how and when you will communicate with the buyer when the contract is dated, so they know you will follow up to ensure things are on track. If a builders report or any other condition that involves the buyer or their contractor to visit the property is part of the contract, the listing salesperson must make the arrangements with the vendor for access and must attend any such inspections.
  • Once the buyer's solicitor has confirmed that all conditions are met and the contract is unconditional, it is the salesperson's responsibility to ensure the deposit instructions are provided the same day to the solicitor and the buyer.  The salesperson is also responsible to ensure the deposit is paid immediately.  This is critically important as late payment of the deposit could result in late settlement and associated interest payable to the vendor as a result of late settlement.
  • The purchaser is entitled to a pre-settlement inspection of the property.  This inspection should take place 2-3 days BEFORE settlement to ensure there is enough time to deal with any issues identified prior to settlement.  A settlement inspection on the day of settlement is problematic as the vendor has potentially already signed off and there is no further room for negotiations at that point.  However you can not refuse the inspection and neither can the vendor, even if it is on settlement day.  The listing salesperson must be present at the pre-settlement inspection and follow up with the solicitors regarding any issues that might have been raised.    It is a good idea to record the inspection, with the purchasers consent, to ensure all the comments are noted.  You can also use the pre-settlement inspection sign-off form to record the purchasers satisfaction with the property post the inspection.  A copy of this form must be saved in VaultRE and sent to both parties and their solicitors.
  • Once the vendor's solicitor has confirmed that settlement has taken place, they will clearly instruct the salesperson that the property access (keys) can be handed over to the purchaser.  Under no circumstances are keys to be handed over prior to this notification or left somewhere for the purchaser to be picked up.  The keys must be handed over in person by the listing salesperson or their manager if the salesperson can not attend this appointment.
  • Each purchaser/buyer should be presented with a gift after settlement and a card thanking them for their business. 
  • Add the purchase as a new prospect to the VaultRE database so when the day comes that they want to sell, you are the salesperson they contact to list their property.

Purchaser Management Resources

Summary Steps

  • Respond promptly to all inquiries
  • Facilitate viewings
  • Follow up with each viewer and record feedback in VaultRE
  • Inform all viewers of changes such as price drop, etc.
  • Present all written offers, even if you think your vendor will be upset.
  • Facilitate access to the property for purchaser and their contractors to complete inspections to meet contract conditions
  • Provide deposit payment instruction promptly once contract is unconditional
  • Follow up to ensure deposit is paid promptly
  • Facilitate and attend pre-settlement inspection 2-3 days before settlement
  • Arrange transfer of keys when settlement is confirmed by vendor's solicitor and instruction for handover received.
  • Communicate regularly with your purchaser/s throughout the process to avoid misunderstandings and problems.