Three tips to help show your seller why they should adjust their price.
A few months ago our market heavily favored sellers. They could put a sign in the yard and have multiple cash offers above list price in just a matter of days. Now, that’s not happening anymore. So how are you, as their agent, advising them to set a reasonable price? Here are three things you can do when talking about price reductions with your clients:
1. Manage expectations and do this right from the start. Have the difficult conversation about pricing upfront, but let the client feel like they’re still the boss. They should always feel in control. One way to do this is to agree to use showings and offers as indicators. For example, if there are no showings or offers in that first week, you could get the customer agree to drop the price in the second week.
2. Maintain constant communication. Don’t have a one-and-done conversation around price. Our team makes sure to call clients weekly and check in throughout the week. Maintaining constant communication with your sellers is critical.
3. Get that price right. If you’ve done a good job of arming yourself with data and research, the comps should speak for themselves. If you put all the information out in front of the customer, ideally, they should come to their own conclusion that they need to drop the price.
Stick to this plan and see how it works. You might be surprised at their reaction. It takes a lot of discipline and patience to have these difficult conversations and to control the conversation while still allowing the customer to feel like they’re the boss. If you need more help on how to talk to your clients about price reductions, call or email us. We’d love to connect with you.