But these sessions. So I’ve run three or four sessions on qualifying buyers, flexing buyers, needs analysis on what buyers want, right, must haves wants. I’ve run three or four sessions on the new tiers which are focused around claiming buyers and earning more commission from buyers.
But buyers are obviously just one side of the transaction. So in practice, when I speak to many agents over the past couple of days. The past couple of weeks, and on this call, a large percentage of the challenges that people bring up to me are actually on the owner side and that we have this tendency in the business to just talk about buyers, but we need to speak about owners as well.
So going forward, we need to align our focus as agents with the shift that we’re beginning to see in the market towards listing sides. And as a business, we need to provide you guys with the tools, the training and the processes to better service owners. So the change of pace today and for the upcoming Power calls is to focus on the owner side of the business.
So from the Feedback Fridays, the Feedback Friday sheets have provided a lot of issues when it comes to listings. People asking about the quality of the listings, people talking about the accuracy of the listings, agents delisting listings that they think potentially they’ve sold or that they’ve rented. And then not just on the agent side, owners as well.
Owners complaining that they’re being called by ten agents a day that seem not to be communicating about their listing. So there’s a lot of issues here and that’s what we’re focused on addressing. But in order to address the challenges, we as agents need to understand the importance of working with owners and also see how that importance leads to our bottom line and helps us earn more money as agents.
Because at the end of the day, that’s what we should all be focused on. So as the real estate market becomes more established here in Thailand, and as we grow into a bigger share of it, the framework for working with buyers and sellers needs to be more structured. And as roles become more clearly defined, it leads to a smoother, more efficient transaction.
You as agents for your buyers and for your sellers. So our goal is to actually build this framework and that’s what the upcoming Power calls are going to be about. So there’s a lot of topics we need to discuss in order to actually improve this side of the business.
But it all starts with this call. It all starts with the role of an agent when we’re working with owners and what our responsibilities are as an agent when we’re listing a property. So a bit of context, a bit of history is that the current listing structure incentivizes quantity over quality.
And although it’s helpful in terms of getting the unique listings on the site, it actually creates a number of different issues, some of those which I’ve addressed already. So the only way to kind of address and tackle these issues head on is to kind of, as I said, embrace the growing importance of listings, but to lean into that and dive into the change. And to do so, we’re going to introduce some new listing categories, specifically when we talk about exclusive listings.
So for people on the call who might not understand what exclusive listings are, it’s the process of working with an owner as the sole agent who represents that listing for sale or for rent. And that this type of agreement aligns both parties. So it aligns the owner and it aligns us as agents to invest time, energy, effort and resources into pricing the property, marketing the property, taking photos, Matterports of the property because you’re guaranteed to earn a commission when it sells.
So now when we discuss exclusive listings, we need to have a clear strategy, we need to have clear rules and we need to have tools in place in order to a, identify the right property, identify the right seller, provide the right exposure in order to transact in the shortest period of time. So we’re going to cover some of that today, but by no means am I saying that we’re going to move all of our listings to exclusively. That’s not the goal here.
But we need to add this focus to the business, keeping in mind the key points that I’m going to walk you through now. So when we talk about exclusive listings, it brings up a number of questions, right? And I just wanted to kind of tackle these kind of head on in terms of the importance of having the right framework. And when I say the right framework, I mean what are the key factors to identify, pitch, win and sell exclusive properties? So we’ll walk through these quickly in the upcoming Power calls and the questions that you’re probably thinking of will be covered in the next few sections.
But really the questions are as follows. When I’m looking to win an exclusive unit, I want to do it in a popular project. So how do we select the best units in the most popular projects? We have all these platforms.
We’ve got Fazwas, Thailand property, Hit, Flat property where we rank organically one, two and three as I showed you in the previous Power calls. So how do we make sure that we’re focusing on getting listings in these top projects where we get a lot of traffic and a lot of interest for people who want to buy and rent? Number two, how do we qualify sellers? So this is probably one of the next Power calls I’ll do is we spoke about qualifying consumers, right? But we have to understand the process to qualify sellers as well so that we can identify owners that actually would benefit from an exclusive agent representing them. Not all owners will benefit from that.
If they’re listing their property in a super popular project and they’re getting five or six viewings a week, then it’s not really something that you can come in and add value and we’ll learn more about that this week. How do we access sellers? Right when I show you the three models below, accessing owners becomes easy because you’re able to access the existing listings within our system and convert those owners to exclusive properties. So there’s no problem.
We have list of owners across all of the top project country listing presentation. How do we pitch these sellers to work with us? So we’re building a listing presentation that you’ll be able to use to walk through step by step with owners to get them to understand the value of working with us. Pricing super important.
How do we ensure that the properties are priced competitively? Because if you take on a listing that’s not in a top project, that’s not in a popular unit type or location and it’s overpriced, it matter how much marketing we do for the property, that property is not going to sell. So how do we ensure their property is priced competitively? So we’ll launch a dashboard for you guys that has access to market data and it’s going to have all of the transactions we’re doing on the sale side, all of the transactions we’re doing on the rent side. So that you’re going to be able to look at yields, you’re going to be able to look at comps in terms of what has sold or rented in that project.
That’s going to give you an edge when speaking to owners and your buyers as well, which we’ll cover in another topic that is going to put you head and shoulders above the competition because you actually have market data. That is not available to any other agent in the market. And that’s going to help you price properties, which is the key to getting great listings.
Marketing, what content will we create, what marketing and distribution channels will we have? Well we’ll do more for the exclusive products because we have a commitment that when that property sells or rent we’re going to get paid guaranteed and then the benefits. So this is towards you guys. So how do I benefit as an agent for winning an exclusive listing and the process, what am I required to do to earn a commission? So as I said, all of these topics will cover over the upcoming calls and it’s a combination of training, it’s a combination of tools and it’s a combination of processes and this will become super clear for you guys over the next few calls.
Now today I want to dive into a little bit about the benefits and the processes to you guys and introduce the different concepts of the new listing categories that we’re going to have. So let me scroll down here for the big reveal. So we have three listing categories.
Let me just come up here. So, three listing categories going forward. Very simple, very easy to understand.
So we have a unique listing. So what a unique listing is defined as is when an agent adds a listing that is not on Fazwas. So it’s unique, it’s new.
We currently don’t have it listed by an owner or by another Fazva’s agent. So this can replace a listing from a cobroker. And again, we’ll go into this in more detail in the future.
So you can see that this is new inventory and is not on the website. That’s category one. Category two is an exclusive upgrade.
So this is when an agent identifies a unit in a popular project, they identify an owner that could benefit from our exclusive offering and they transition a general Fazlab listing into an exclusive listing. So we can see the inventory is already existing on the website. So that you have access to all of our owners that you can call up and transition them, sorry, qualify them, pitch them, and make sure that their pricing is in line with the market and transition those properties to exclusive within our system.
Last but not least is the exclusive acquisition. So as the title said, this is a listing that is not on Fazlaz and securing an exclusive contract. So this is a new listing that is not on the website.
So those are the three categories. So I’m going to run through those quickly just to highlight the benefits to you guys and the processes that are in place. And again, we’ll cover this in more detail going forward.
So when we look at a unique listing, this is type one. So the benefits to the agent is that by adding listing to the website that’s not there, you get priority lead claiming on this listing, right? So we’ve covered that in the previous buyer calls and the tier rollout that as the listing agent for a unique property in the system. You’ll be able to claim that before other agents in your tier, but it will only be for a short period of time.
And you get a listing bonus when that is sold or rented. But that is, as we know, with the current system, that’s pending the handover date. So what that means is that the listing has to go live before the handover date where the consumer who rents or buy the property.
So you’re not always guaranteed to get the commission in this case. So under the unique listing, the agent responsibility is to do a front end check to see if the unit is unique. And again, this is where we’re going to start changing the business a little bit in that we need to move away from incentivizing everything to just dump listings on.
Right? And that we need to increase the quality. And because we put such high listing targets for you guys in place, that you’ve just been focused on adding listings versus checking to make sure that they’re unique. So that’s one of the requirements here, make sure that it’s unique, have a conversation with the owner, make sure that the price is accurate, and that includes a commission listed on FazWaz and you’re in line to get benefits I mentioned above.
So these types of properties, we’re targeting listings that don’t want exclusivity, right? No problem. It’s not for everyone. Let’s get it on the website, we benefit greatly from it.
And owners, sorry, owners who don’t want to give it to us exclusively and owners that we don’t want exclusively. So there’ll be listings out there that we don’t want. And that’s a great process to be able to get those on the website.
So moving to type two and three, this is what we call the exclusive upgrade and acquisition. So note that these are two different categories of listings as they will have a different commission bonus, but it’s the same benefits in the same process. So I’ve grouped them together.
So the agent benefits for these ones are really important and really great. So it’s a huge amount of benefits for getting exclusive listings. So you get to represent the listing within FazWaz exclusively, which means the owner contact details will be not available to any other agents on the platform.
That makes you the sole point of contact for that listing. It’s your listing, which means you get the lead, right? So you’ve spoken to the owner, you’ve pitched them, you’ve got them to buy into who you are as an agent and representing them and the business that we have. So that means you are going to get the lead on that property.
So in order to do that, you will have an extended claiming period and leads on exclusive listings actually override your daily quota. So if you claim two leads for the day and more leads come in on your exclusive listings, you get the leads on that listing. Super important.
And that means that you get a guaranteed commission when it sells, doesn’t matter when it was listed, doesn’t matter when the handover date came, it’s guaranteed. If it sells or rent, you get paid. And on that property you get both the buyer commission because you’re going to get the leads for it and you get the listing bonus as well, whether it’s an exclusive upgrade or an exclusive acquisition.
So the agent responsibility in order to secure that exclusive listing, again, do the front end check to make sure that the unit is unique. Do a comparative market analysis and price analysis. And I spoke about this earlier and that there’ll be a full training session on this on the Power call coming up, because pricing is everything.
You’re going to pitch the owner on exclusivity, you’re going to sign the exclusive mandate. And because you’re the one receiving all of the leads for the property, you’re going to make sure that you keep that owner up to date. On a bi weekly basis, the type of properties we’re targeting.
Again, as I hinted before, mass market properties and popular projects, popular layouts and price points, popular subregions motivated sellers, and competitively priced properties. So again, we will cover these in future sessions. So a quick thing to note, which you’re probably I as another agent, how do I access those exclusive listings if I don’t have the owner’s contact details? Well, we’re creating an internal Cobra policy so that other Fazbas agents can access the listing with their buyers and tenants as well.
So we’ll create an internal policy where you can access that listing. But again, if you’re getting exclusive listings, you’ve done a great job. You’ve gone out, you pitched the owner and you’ve been able to secure that listing.
So you get the benefit of controlling that listing. That is your listing within the system. So I know I’m going over a little bit in time, so I’ll wrap up now.
How do you get started? You don’t. So this is something that, again, I’m going to introduce over the upcoming Power calls, provide you with the training. I do not want you to go get exclusive listings and projects that aren’t popular, that are overpriced and that haven’t been able to sell for the past year.
Right. Those are not the properties we want exclusively. So we’re going to cover how to get the right properties over the upcoming sessions.
So a quick recap, we as agents need to allocate a percentage of our time to focus on owners. To facilitate this, there will be three new listing categories that allow you to earn more commission on listings, which I’ve covered above. Over the next few weeks, we’re going to cover the training process and tools to win, right, to list those properties.
The goal will be to launch this in the mid or end of July where we can start securing and winning those exclusive listings. The unique listings you add now will continue to have the same benefits until we roll out the new structure. So keep adding listings, no one’s going to steal your listings.
Exclusive listings will allow you to control that listing across all group sites so that on Hip, Flat, on all these different websites, everyone who wants to access that property will have to contact you. You get all the leads on that listing that allows you to override your daily claim quota and earn a buyer and seller side commission. So the business will provide you essentially with the listing, with the agent and you’ll be able to earn a huge commission on it on both sides and that the training will win.
Exclusive listings will also help you be a well rounded agent and help on the consumer side where I can see some of you guys are having issues. So thanks again for joining. Sorry that I ran over a couple of minutes, but as you can see, I’m quite excited about where we’re going with this.
I’m sure you have lots of questions, but stay tuned and we’ll cover all of these things. We’ll cover best practices for agency agreements and make sure that everybody in the company has the same tools and the same focus when working with owners. So thanks a lot guys, for joining and we will see you tomorrow.