Keep the sales flowing: how to save a withdrawal

When you get that dreaded phone call from a seller telling you they want to pull their property from the market or move to another agency – it can be both disheartening and a little frustrating. After all, you’ve spent a lot of time on winning the listing and attracting viewings, and losing the sale at such a late stage can be a real hit. However, here at SDL Property Auctions, we don’t believe in letting withdrawals get you down. 

There are a few ways that you can turn a withdrawal into a quick, more secure sale. With everything from suggestions about what you can do, to how we can help, in this blog, we’re going to show you that more often than not, a potential withdrawal is a sign of a well-motivated vendor, which makes them perfect candidates for auction.

Why do sellers pull out of selling their property?

There are many reasons why a seller may decide to withdraw their property from the market, all of which can depend on elements outside of the managing estate agent’s control. From repetitive disappointment from buyers pulling out at the last minute, to feeling as though they have no control over the selling process as things go wrong that they can’t stop, an unhappy seller is a natural withdrawal risk.

Depending on what the source of their issues is, agents should be prepared to face worried sellers and listen to their concerns. It’s only by knowing what is pushing them towards withdrawal (or potentially transferring to a rival agency), that those issues can be addressed and the sale saved.

Ways to save a withdrawal

Now we know what causes a withdrawal, let’s discuss how to save it. There are plenty of ways you can turn a potential withdrawal into a quick and easy sale with only a few simple steps to help keep the sales flowing for your agency while still ensuring a happy seller.

Looking for a fresh approach

We all dread those conversations where sellers are threatening to move to a rival agent while continuously asking for more and more. It can be easy to feel as if you’ve exhausted all options and hit a dead end. Sometimes it feels like your only option is to ask the seller to lower their asking price and hope they agree – but this can lead to a negative reaction and unhappy clients.

This is where outsourced auction departments, like the one we offer here at SDL Property Auctions, come into play. With our help, you can completely avoid that potential scenario by offering a fresh and unique approach by presenting your property as though it were new to the market. This includes refreshing it on platforms like Rightmove and reinvigorating the listing while retaining the fees, you can also position a price reduction alongside the bonus of zero fees for the seller, with auction fees paid by the buyer.  This will help keep your sellers on board and move the buying process along a lot faster.

Reducing time on the market

Many sellers withdraw because of a long wait time. With sales taking up to six months or more in recent years, sellers are becoming more and more desperate to find ways to sell their property fast. Whether it’s because it’s an empty property they’re having to pay extra money for or they’re looking to move – there are a lot of reasons why someone will want to sell fast. 

Either way, promising a seller that their property will be sold within a reasonable time frame is a surefire way of keeping them on board. SDL Property Auctions offers a fixed timescale to completion, potentially as short as 30 days, enabling both you and your seller to feel more in control of the sale. This will give your seller peace of mind and lower the risk of them withdrawing with a reasonable timescale to keep them happy.

Controlling buyer-side dropouts 

Nothing is more disheartening for both seller and agent when a buyer pulls out of the sale before exchanging contracts. It can be a tricky situation for any agent as the seller may be disheartened and pull out of the market together out of frustration. Once this lack of trust in the selling process has developed, convincing a seller to keep trying is a challenge. 

In this circumstance, our outsourced auction department can once again help with keeping your seller happy and sales secure. Not only can you offer them the fixed timescale to give them peace of mind, but you can reassure your vendor of a less than 1% fall-through rate, and a non-refundable deposit from the buyer. This will help keep the seller happy and trustful that the process will offer them the successful sale they’re after.

The certainty and legal protection that auctions can offer is void of empty promises they may have experienced in the past, meaning the threat of getting a withdrawal is significantly decreased as the seller will have the security of an auction sale.

Secure your sales with SDL Property Auctions

While a seller withdrawal may feel disheartening, there’s a positive way to tackle every problem. Here at SDL Property Auctions, our speciality is sellers who are looking to sell quickly and safely, with our promised, reasonable, time frames and non-refundable buyer deposits providing that extra bit of security and peace of mind. 

If you’re looking for more advice about how you and your agency can secure more sales and win over sellers then you can visit our partner agents’ advice hub for more support.