‘I shouldn’t say this, but’ – a great attention-grabbing line for starting any discussion. At a meeting this morning to discuss the topic for our next dinner event, we decided that the most interesting talks we’ve attended are where speakers have embedded this within their talk.
This simply means that the individual is prepared to say something that they wouldn’t normally say, or would be considered out of place, but it is them giving you their authentic self, their honest view.
Alex Harrington-Griffin
It’s most often refreshing to hear someone present a genuine, even controversial viewpoint.
It may sound like a wild concept given the high stakes in our industry, especially when it comes to fruitful land and new homes, though I think it’s hard for anyone to deny that this kind of revealing of truth helps us to feel that we’re getting to see the reality of the topic in discussion. SME agencies are moving steadily to cover this big-ticket sector, given its large potential for commissions, branding opportunities and even the chance for later reletting or resales from individual purchasers.
Helping the uninitiated landowner to be confident will ultimately smooth over common delays.
It is meeting the deal at the source, from inception, so it’s hugely exciting. To ensure that both newbie and existing firms make the most of their investments into land and new homes, conversion is critical and linking our opener regarding an open and frank approach, I’d like to present transparency as a possible way forward to overcome potential complications in selling land and winning more new homes instructions.
VENDOR EDUCATION – GIVE COMFORT THROUGH COACHING
The vendor controls the deal and the final decision. In land, we’re often talking upwards of a million pounds in value that the once business owner or private family is expected to make a high stakes decision on. As a previous developer, one thing very quickly became apparent, the more time we spent investing in explaining and demonstrating the process, the more landowners responded warmly.
Helping the uninitiated landowner to feel more comfortable and confident with their options, the process and the potential parties will ultimately help smooth over common delays such as fear of letting go, or insecurity about the deal value.
Printed guides, how-to videos, simple process diagrams, PDFs – all of these easy to create, brandable materials act as reassuring collateral to share with owners – build their knowledge and understanding of the land selling process, and ultimately their relationship with you as the agent. It doesn’t have to be flashy, in fact, the simpler the better, it just has to be considerate of their experience to date and concerns. Not enough do it, and it goes a long way to being open about what to expect.
UPFRONT INFORMATION – OVER DELIVER ON INTEL
Considering one of the best talks I’ve been to, the ‘top five’ agent representative gave a boldly honest view of the market. Instant trust was created. Taking this approach with your developers will give you a strong chance of boosting your relationship to a more familiar place in a shorter time.
Buyers want upfront information, and all too often they receive an address, unit count and price tag. The more that is provided upfront, using the various available tools and portals, the easier it is for them to make an accurate assessment, and ultimately put down an achievable bid.
On the new homes side, again information about the product, demand, and your experience, will give them confidence that you are equipped and very motivated to take on and sell the end product.
BUILD THE BACKSTORY – REVERSE THE INDUSTRY NORM
Deals are agreed by humans, yet the people and their stories are often sidelined by the commercials. Reverse the trend of ‘us’ vs ‘them’ by helping your land buyer and seller get to know the other party. Getting a deal agreed is only the start, and frankly, anyone can put down a winning bid. Being able to work through any negotiations in terms of unforeseen complications with the site after survey, I believe, comes down to how understanding the parties are of the other’s position and motivations.
Build the profiles and backstory of both sides from the start, and share the details openly, so that a more considered approach to bids and terms can be provided.
Try providing an approved owner backstory to each prospect so they can really understand what proposal would best suit them, and vice versa.
I am confident that the more recognised the buyer and seller are as individuals, the more they will be willing to see the shades of grey if challenges arise, and potentially save more deals from falling out of bed.
Alex Harrington-Griffin is Land Director at the land exchange – TrustedLand
www.trustedland.co.uk
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