THE ‘HIT AND STICK' PHI­LOS­O­PHY

THE TERM ‘HIT AND STICK' WAS COINED BY ISAAC NEW­TON to de­scribe the mo­men­tum the­ory, whereby ob­jects col­lide and stick to­gether. It is used in rugby as well. In real es­tate, how­ever, it could ap­ply to a com­mit­ted ap­proach to client ser­vice – upon ini­tial

Elite Agent - - FRONT PAGE - Cameron Ni­cholls

Some real es­tate agents will say, ‘When some­thing comes up I'll let you know' and they don't fol­low through.

With a sport­ing back­ground, I have drawn on my knowl­edge and as­so­ci­a­tion with rugby league to best de­scribe my real es­tate busi­ness phi­los­o­phy. In foot­ball, the term ‘hit and stick' refers to a tackle; the hit be­ing the ini­tial con­tact and the stick be­ing the fol­low-through and com­ple­tion.

With ev­ery per­son I meet, I aim to cre­ate a client for life – although I pre­fer to call them ‘con­nec­tions for life'. It is a long-term ap­proach that in­volves ser­vic­ing some­one from the ini­tial point of con­tact, with no end point to that ser­vice. When I meet a buyer and find out what they are search­ing for, I stick with them un­til I find ex­actly that. But the ser­vice does not stop there. I con­tinue to con­nect with that client con­tin­u­ously as peo­ple's prop­erty needs are for­ever chang­ing and evolv­ing. I have sold a prop­erty to a buyer as long as 18 months af­ter the ini­tial en­quiry.

CRE­ATE CON­NEC­TION AND STICK WITH BUY­ERS

More of­ten than not, real es­tate agents will say, ‘When some­thing comes up I'll let you know' and they don't fol­low through. My ap­proach sees us ‘stick' with our buy­ers to en­sure their goals are achieved. For some this may take as lit­tle as one month; for oth­ers it may take years. Real es­tate is cycli­cal: buy­ers be­come ven­dors and ven­dors be­come buy­ers, hence the im­por­tance of con­tin­u­ous ser­vice and why I be­lieve my phi­los­o­phy is the way for­ward.

I be­lieve in real es­tate there is al­ways a flow-on ef­fect. Take one of our re­cent sales in Drum­moyne, for ex­am­ple – a lux­ury wa­ter­front apart­ment with Syd­ney Harbour views that achieved a sale price of $2.9 mil­lion. I sold a dif­fer­ent prop­erty to this ven­dor back in 2015, but con­tin­ued to nur­ture the re­la­tion­ship be­yond that trans­ac­tion and 18 months down the track they ap­pointed me to sell their Drum­moyne apart­ment off the mar­ket as an open list­ing with three other agents.

All agents brought their buy­ers through the prop­erty and com­pe­ti­tion was high. I had been work­ing with a buyer for over 12 months and knew this prop­erty would suit them per­fectly – and it did. Due to the non-ex­clu­sive na­ture of the list­ing, I had to ex­e­cute a swift sale and en­cour­age the buyer to move quickly on the pur­chase. They were more than happy to do so, be­ing largely in­flu­enced by my long-term com­mit­ment and re­la­tion­ship with them. This is a clas­sic case of my ‘hit and stick' phi­los­o­phy ap­plied to both the ven­dor and buyer in this trans­ac­tion.

AL­WAYS THINK BE­YOND THE TRANS­AC­TION

Let's take a look at another re­cent sale, this time in Break­fast Point – a land­mark wa­ter­front pent­house, which also co­in­ci­dently sold for $2.9 mil­lion. I first met the ven­dors seven years ago while I was work­ing at a dif­fer­ent agency as a prop­erty man­ager. In true ‘hit and stick' style, I nur­tured the re­la­tion­ship well be­yond the realms of your stan­dard manag­ing agent. Seven years down the track, af­ter open­ing my own real es­tate of­fice, the ven­dors sought me out to sell the prop­erty, de­spite still hav­ing a pro­fes­sional re­la­tion­ship with the pre­vi­ous agency that had been manag­ing the prop­erty that en­tire time.

Again, I iden­ti­fied a buyer for this prop­erty im­me­di­ately and

knew be­fore they in­spected it was go­ing to be ex­actly what they were af­ter. The ven­dors were af­ter a pre­mium price and the re­luc­tant buyer went from an ini­tial of­fer of $2.5 mil­lion to $2.9 mil­lion, due to the rap­port and trust at the foun­da­tion of their re­la­tion­ship with me. I had worked closely with this buyer for nine months, show­ing them sev­eral prop­er­ties in this time and ad­vis­ing them of many more. There was noth­ing they could fault with this prop­erty and, while their pur­chas­ing plan was to se­cure some­thing be­tween now and 2018, they knew this was the one and were ul­ti­mately pre­pared to pay the ask­ing price; a win-win for both the ven­dor and pur­chaser.

Dur­ing buoy­ant mar­kets, agents can be guilty of quickly for­get­ting many of the buy­ers they meet. Cus­tomer ser­vice is at the ab­so­lute cen­tre of our in­dus­try and, as we move into a mar­ket where prop­er­ties no longer sell them­selves, agents need to be out there ac­tively ser­vic­ing buy­ers well be­yond the point of pur­chase.

Cameron Ni­cholls is Di­rec­tor of Ni­cholls & Co Es­tate Agents – a vi­brant new bou­tique agency in Ab­bots­ford, Syd­ney.

Agents need to be out there ac­tively ser­vic­ing buy­ers well be­yond the point of pur­chase.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.