Top Tips To Reduce Settlement Risks


By Leah Kent, Cue Property Settlements

If you were buying a luxury car, you would want to receive a five star service.

You would expect to feel valued. You would likely tell your friends and family about your positive experience, and when it is time to upgrade, downsize or buy another, you wouldn’t hesitate to remain loyal to the dealer, right?As with any significant transaction, when purchasing property a customer expects to receive a personal and memorable experience representative of the vendor’s recognition of the investment. The challenge is however, when purchasing off-the-plan, the sale doesn’t end when the contract is signed. Maintaining and nurturing the relationship over an extended period can be demanding, delicate and in most cases, it is uneconomical to appoint an in-house resource. As a result, expectation doesn’t always meet reality.

In an increasingly competitive market, customer retention is vastly underestimated and as research shows, when the times gets tough, loyal customers could be what keeps you afloat. Below are the top five tips for reducing settlement risk, from a customer management perspective.


 Be Prepared

  • Nominate a dedicated customer relations advocate to represent your business and make contact with customers as early as possible. Introduce this person as a single point of contact for custo
    mers and key stakeholders to deal with directly, matching a friendly and familiar face to the name. Equip your customer representative with the information and authority to support your team and the customer efficiently and accurately.
  • Consider who else is representing your business and brand to your customers. There are contractual and legal landmines in every conversation and piece of correspondence so be sure to implement a strict approval process for any information being released.
  • Don’t elect a resource distracted by contending priorities. By managing priorities and best utilising your team’s skills, the risk and reward of settlements is always in focus.
    • Answer questions before they are asked – this can instil confidence and comfort in your customers giving them a positive experience.
    • Prepare and prompt the customer in advance of settlement to help understand the process, roles and responsibilities of all parties. Never expect the customer to know what is expected of them.
    • Closely monitor individual settlement risk regularly by auditing contracts and analysing correspondence for key indicators throughout the development. Any indication of cancellation can be addressed early to ultimately save or resolve the sale in advance of settlements.
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