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

• 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.