Three tips to help sellers see it's obvious they should adjust their price.
How can you help educate your seller to lower their price? A few months ago, our market heavily favored sellers. They could put up whatever outrageous prices they wanted and still expect cash buyers to come flocking in with offers way above asking price. Now, that’s no longer happening. If your seller sets the price too high, there’s a big risk of their house sitting on the market for too long. As their agent, how can you clearly educate them to lower the price? Here are three things you can do when talking about price reductions with your clients:
1. Manage their expectations and remove all emotions. Here at the Tyler Miller team, we do this with our custom-designed property report card, which focuses on the raw data your clients need to know so they can make an educated decision. Things such as how many showings have taken place, the feedback they're getting, and reviewing recent market activity are other important pieces for agents. Educate your clients on the homes that have gone up for sale since their house got listed and get them set up on a property-specific home search so that they're aware of every new listing that hits the market. Finally, this property report card goes over the six reasons why a home will or will not sell.
"Our custom-designed property report card focuses on the raw data our clients need to know to make an educated decision."
2. Always maintain constant communication. On our team, that means we send a message, call, or meet in person to discuss the report card once a week. If you do that, it will make it a lot easier to ask for that price reduction when appropriate.
3. Find the correct price adjustment. If you're maintaining constant communication every week and utilizing that custom property report card, the answer to this is going to be obvious to both you and the seller. If you're wondering what this report card looks like, I would be happy to send you a free copy.
Price reductions can be a tricky subject; agents have to broach this conversation strategically. By following these three tips, your seller will be more agreeable when asked to lower the price and will feel more involved in the process, thereby easing some of the burden on you. If you need more help on how to talk to your clients about price reductions, call or email me. I’d love to connect with you.
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