It’s not uncommon for sellers to place their homes significantly over the market value, and as a realtor it can be quite difficult to explain to client over client why their homes are not selling as quickly as they would like them to. It’s also frustrating when you have put time and effort into researching market trends, only to feel as if your professional opinions are being totally disregarded. Here are a few ways you can help settle those unrealistic expectations and set a better price for your client’s home.
1. Build a trusting connection with the sellers
Your clients need to understand that you know exactly what you are talking about. While selling homes is an everyday occurrence for you, it is a major transition for your client. This is why it’s essential for you to connect on a personal level, finding similarities and connecting before the issue of price even comes up. Think of this as building a friendship.
2. Offer a compromise, at least temporarily
There are times when a seller just will not budge on price. In such a case, you might decide to compromise. List the price that the seller requests first, and allow it to sit for a pre-specified time period. If there does not appear to be any interest during this time, agree to reduce the price to meet your suggestion.
3. Show empathy whenever possible
It’s important to understand that your client is simply trying to get what they believe they deserve, and they are often unsure of what that is. Your clients simply want to make the best decision and are not trying to gouge anybody. Understanding the expectations of your clients clearly allows you to explain your position without becoming increasingly frustrated.
4. Provide evidence to suggest the best price for the home
If your seller doesn’t want to accept the price you have suggested, bring new information to the surface. It’s not enough to demonstrate that you have success selling similar houses at a lower price. Show your clients overpriced listings that have expired, or show them a listing that sold after price reductions. You can also bring competing listings to show what similar houses are going for at the present time.
When all else fails, it’s time to turn down a listing. It’s not necessarily worth your time and effort to research and market a home that will not generate interest with such a high price.
Do you want to learn more about coping with unrealistic prices set by sellers? Contact us for more information about setting realistic goals.