How to deal with existing chains
We do know that this won’t last forever. There is a way that we did estate agency transactions prior to coronavirus turning up and there will be a way that we do estate agency transactions whilst coronavirus is around.
Everyone’s in this together. What people really need right now is someone to listen to them, a pragmatic approach on what they can do and to keep them fully informed of where things are at.
Your buyers and sellers need a strategic, innovative response from you. Not a reactive emotional one. That might mean you need to push the completion date out 30 / 60 / 90 days.
Ultimately, if the transaction isn’t going to come together then let it go. If it’s no longer going to work financially because the buyer’s circumstances change, there’s nothing you can do to force it to come together. The banks will stop it further down the line anyway.
What to say to your vendors and buyers
If I was calling a seller, I’d be saying “I’m just quickly checking in to see how you’re doing” and asking 2 key questions to get a gauge of the situation:
- “Where are you guys at and how are you feeling about what’s going on?”
- “What can we do to assist?”
That’s as simple as it needs to be. “We’ve spoken to your buyer and it looks as though they’re still proceeding at this point, however if there are any changes to their employment etc we’ll let you know immediately. We’re going to keep you up to date and be very clear about the outcomes and I want you know we’re doing everything we can to stay in touch with all parties and keep giving you pragmatic advice about what we can do.”
To the buyer, I’d be saying something like:
“I’ve spoken to the sellers. They’re more than keen to be flexible to work with you throughout the course of the sales process. We’d love to see you living in your new home when it’s appropriate to do so. We know we’re living in unprecedented times but what I would say to you is, when these times are done and you’re living in your new house, you’re going to be so happy that you’ve been able to move.”
I think the best thing you can do at the moment is when you’re outside work to turn the media off, turn social media off and spend time resting and relaxing. Sleep is a great builder of immunity. Build the energy to have really good conversations with people. When you’re talking to clients, be the positive ray of sunshine in their day.
Delivering bad news
Delivering tough news is not as hard as people feel. I always feel that you feel 200x better after you’ve had a confronting situation instead of holding back. It’s important though to soften the blow and be on the front foot. Try opening a bad conversation with something like
“What I need you to know is the information I’m about to have a conversation about is not what I’d want to be having a conversation about. However, it is my duty as your agent to inform you about where we’re at and what our next steps might be.”