- Price the home right from the beginning to avoid the price reduction drama.
- The difference between something selling (or not) is usually just one or two price adjustments.
- If the sellers won't tell you what they think their home is worth, it's a sign they're either unmotivated or extremely fearful.
You rocked the presentation. The seller loves you and your marketing plan.
But now it’s time to finalize the list price. To avoid the dreaded price reduction talk, how can you advise the seller of the right price?
Price the home based on comparables that are in slightly worse condition than the subject property. If your listing is average, price it like it’s a full rehab. If it’s perfect, price it like it’s average.
You’re more likely to get competing offers if it looks a tad bit underpriced. If not, then you’ve priced it right. If you do, then that’s even better for your homeowner — and you get to avoid a price reduction.
Price the home to compete with the price range just under its comps.
For example, price a four-bedroom as if it’s competing with the best three-bedroom in the neighborhood/school district, etc. It will attract all the four-bedroom buyers as well as the three-bedroom buyers who can’t believe they could get a four-bedroom for that price.
Finally, know what the seller will accept by asking what their bottom line price is, what their stamina is for the process and what’s best for them. Often, they’ll allow you to be more aggressive just to save time and stress.
When the seller won’t budge on the list price and two weeks later your listing is the “bridesmaid of the block,” it’s time to pull out this powerful script.
On today’s show, we teach you how to say it, why it’s not just powerful (but factual) and how to respond when the sellers’ emotions get the best of them. This changing market requires skills and is the best market for making money if you have them.
Subscribe to Tim and Julie Harris’ podcast on iTunes or follow us online at realestatecoachingradio.com.
Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or request more information about their programs at joinharris.com.
