Let’s Go Exclusive!

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Exclusive Listings are not normal in Bali, but they are a much more professional and efficient way to sell your property.

Here are some reasons why.

I think as real estate agents in Bali we tend to overlook something very important; the vendor. It’s obvious when you say it or write it down like this so maybe we should do that more often, but we’re usually so focused on handling buyers (at least people who say they’re buyers) that we sometimes forget our business runs because we have a product to sell.

So, here are some things I’ve learned recently about vendors and how to better help them sell their villa, land or business in Bali because it can be a very frustrating experience if you do it badly.

Right at the top of my list is … ‘Go Exclusive!’

In Bali this is a rare thing. Most vendors I know have their property listed with as many agents and agencies as possible thinking the more people that have the listing the more interest there will be. Unfortunately, I don’t think this is the case at all. Sorry to say, but non-exclusive or ‘Open Listings’ just don’t get the care and attention to detail vendors expect. It’s like they get lost with the hundreds of other listings out there. It’s that simple.

And anyway, it’s just not possible for an agent to give good service if they have 30 or 40 or more listings to deal with, especially when they know all the other agents have got the same listings. What they tend to do is treat them all the same and actually do nothing at all. It sounds crazy because it is!

I’ve started talking to my vendors explaining the benefits of signing an Exclusive Agreement for anything between 3 and 6-months and it makes sense to them … and to me. I’d say if you really, really need to sell you really, really should consider going Exclusive. I don’t make any guarantees that your property will definitely sell (I actually don’t like over promising and under delivering at all) but I can say that I can give a much more professional service and I do engage in a different way when it’s Exclusive.

But it’s a two-way street.

We have to work together as a team. That means when I give my professional opinion about something I’d like you to take it on board. Sure, we can go back and forth and find a mutually acceptable solution, but it’s all about give and take.

It means being committed. You have to be prepared to stage your home in the best way because you never know when I might call and say I have ‘hot buyer’ in town ready to inspect!

These are some of the things I’m going to be discussing with you when you go Exclusive.

Pricing

Buyers want to push prices down. Vendors want to keep the price on the right side of the line. The difference between them is usually around 8%. And a big part of my job is to help close that gap.

I understand you want the most for your house, of course you do. But we also have to be realistic and price it competitively. I’ll create a competitive market analysis to help clarify this. It will look at what has recently sold in your area and compare it to what you’re expecting. Now, if your expectation is too high it’s going to make it much more difficult, if not impossible for me to sell. And I’m going to tell you that because I want to help sell your property as quickly as you do.

Remember I’m there to help close the gap not feed your ego.

Marketing

Another important thing is generating interest.

At Harcourts Seven Stones we’re taught the value of working our databases. We’re trying to implement this as we understand how important it is to keep them up-to-date and relevant. This way we know who would be most interested in your property (and often why) and we contact them about it. This saves time and effort, builds trust and it can be great fun!

We also work on other ways of marketing to generate leads. This includes flyers, letter drops, newsletters and social media. And most recently through ‘Open Homes.’

I think Harcourts Seven Stones is the only real estate agency in Bali that does Open Homes the way we do them. We prepare, stage, promote and invite. They don’t always result in serious offers but I think that goes back to the mindset the market has in Bali over Exclusivity. When more vendors use the Open Home strategy the more buyers will know that it’s a great way to buy a house.

Photography

But please take note … in all of our marketing the most significant tool we have is visual, and that means pictures … great pictures! This is a sticky area for most vendors (again because they don’t have an Exclusive Agreement, I think) and they ask us to use sub-standard photographs, (which every other agency has got by the way) and more often than not they’ve been taken with a smart phone. But the truth is they just don’t work. The better the images the better the chance you have of selling your property, so invest in getting professional pictures of your villa or business and prepare and stage it correctly.

Exclusivity can seem like putting all your eggs in one basket, but it’s not. Open Listings are! Exclusivity is a way for you and me to establish ground rules and agree on realistic time frames and expectations. I think the advantages far outweigh the negatives and done correctly will change the perception and face of real estate in Bali for the better.

This blog was first published on Gapura Bali

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Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

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Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.