The Importance of Vendor Care in Estate Agency: Keeping Sellers Engaged and Retaining Business

Looking after sellers currently on the market with you is one of the most crucial jobs for any estate agency business. This process, often referred to as vendor care, is about maintaining strong relationships with homeowners and keeping them engaged throughout the selling process. While many estate agents focus on gaining new instructions, neglecting the properties you already have for sale can result in more losses than gains. For instance, listing 10 new houses in a month might sound great, but if 11 sellers de-instruct you, then it’s hardly a successful month.

A key part of vendor care is regular communication. Estate agents should have a set time each week to speak with their sellers. When you first start out, with only a few properties on your books, this might take just an hour or so. However, as your business grows, you may find you need a whole afternoon to contact everyone. This is a good problem to have—it means your business is thriving—but it also highlights the need for a strong system to stay in touch with your sellers.

If a property isn’t getting any viewings or interest over the course of a week, it’s essential to call the seller with an update. Even if a property has had multiple viewings, a quick phone call to recap the progress will reassure the homeowner. And yes, this should be a phone call, not an email, text message, or voice note. The tone of a person’s voice during a conversation can convey much more than written communication ever could. Homeowners need to hear from you personally to understand the efforts you’re making on their behalf.

There are some golden rules when it comes to vendor care. First, as activity on a property decreases, the amount of vendor care should increase. For example, imagine you have a property with a launch day coming up and six viewings already booked. You should absolutely call the seller to update them on this, even though it’s a quick and easy conversation. Now, consider a property that’s been on the market for several months with viewings drying up. It’s tempting to assume the seller understands the market is slow, but failing to call them is a big mistake. Without regular updates, sellers might think you’ve forgotten about them and are more likely to de-instruct you. The less traction a property is getting, the more important it is to keep in close contact with the seller.

The second rule is to ensure that your vendor updates show the homeowner how hard you’re working to sell their property. If you go weeks without contacting a seller, they won’t assume you’re tirelessly working in the background. They’ll think you’ve moved on to other properties. During your calls, it’s essential to clearly communicate what you’ve done to market their home and what your next steps will be. A part of this conversation should involve discussing what’s been working and formulating a plan to maintain or boost interest in the property.

When speaking with sellers, it’s also important to review the property’s online activity. Look at how many searches the property appeared in over the past week. This gives insight into whether the property type and location align with what buyers are currently looking for. Over time, you’ll develop a sense of what good search figures look like by comparing them to other properties you have on the market. It’s worth noting that some search results may come from highly localised searches, while others may come from broader searches across entire regions or even the country.

Another key metric to discuss with sellers is the click-through rate (CTR). CTR represents the percentage of people who click through to view the full property listing after seeing it in search results. For example, if a property appears in 100 search results and five people click through to view more details, the CTR would be 5%. While 5% is about average, your aim should be higher. With effective marketing, it’s possible to achieve a CTR of around 10%, which is a good benchmark for success.

Another vital topic in your vendor care conversations is any upcoming activity on the property. This could include interest from potential buyers, phone enquiries, or requests for additional information. It’s important to show the seller that you’re actively working to sell their home, even when there’s little visible progress. Additionally, summarising feedback from previous viewings is crucial. While you don’t need to go into great detail, it’s helpful to identify common themes in the feedback and offer advice on how to keep the sale moving forward. If necessary, adjustments to the selling strategy should be discussed and agreed upon.

After each conversation, make sure to record notes in your CRM system. This will ensure you maintain a consistent message and follow up on previous discussions. As you begin updating multiple sellers in a day, it’s easy to confuse details or forget what was said to whom. Your notes will help you stay organised and maintain a professional level of service.

Although phone calls are the most effective way to stay in touch with sellers, it’s also useful to create a WhatsApp group for low-level communication. This group should include all property owners and can be used for quick updates, such as confirming viewing times. This approach is especially helpful when dealing with multiple parties involved in a sale, such as family members, clients living abroad, or even divorcing couples. A WhatsApp group ensures that everyone is kept informed and no one is left out of the loop.

In conclusion, good communication is one of the top reasons sellers choose to work with an estate agent. On the flip side, poor communication is often the main reason they decide to switch agents. Sellers who feel informed and valued will stick with you. Those who feel neglected will quickly move on, taking their business elsewhere. Failing to keep sellers updated can cost you not only their business but also the time and money you invested in securing their instruction in the first place. So, if you want to keep your sellers happy and your business thriving, invest time in vendor care—it’s a crucial part of any successful estate agency.