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We break down effective vendor management strategies, emphasizing proactive communication, structured reporting, and price adjustment.

• understand the vendor timeline: initial excitement (weeks 1–2), expectation for offers (weeks 3–4), and growing concern if unsold (weeks 5–6)
• maintain consistent communication with owners, setting a minimum of five contact points per week through calls, SMS, emails, and written reports
• discuss price every week, forecasting potential adjustments to keep owners informed and prepared
• use reverse-engineered emails to structure difficult conversations, ensure all points are covered, and reinforce professionalism
• gather detailed buyer feedback, including web data, inquiries, saves, ratings, and withdrawn interest, to justify decisions and provide closure
• leverage digital tools (e.g., Pitch platform, realestate.com.au Ignite app) to track market performance, competing properties, and engagement, making reporting clear and data-driven

A practical guide to vendor management that combines regular updates, structured communication, and data-backed insights to maintain trust, manage expectations, and facilitate timely price adjustments in any market.

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