Use this script and technique for all listings that need prices lowered. In order to be effective, you’ll need to know the seller’s motivation and how many days the home has been on the market.

On Monday, call all your Seller’s and tell them:

“Mr. Seller, this is a very important week for us. We are going to be watching the market very cloesely… if we don’t have an offer or at least a serious looker by Thursday or Friday of this week we will have to reposition your home on th market in order to corectly reflect the market’s expectations.”

Seller: What do you mean?

Well, Mr. Seller… your home has been on the market for ___ days. In the life of a listing if it sits on the market for too long the listing becomes stale…no one is interested in it. We can’t allow that to happen to your property…can we?”

Seller: Well, no but we aren’t ready to lower the price…we want to wait a little longer…

Mr. Seller, I understand and appreciate the fact that you want to wait a little longer but, is it Okay if I ask you a couple questions?

Seller: Yes

Thanks, first have your plans to move to ________ by _______(date) changed since we last spoke?”

Seller: No, those are still the plans

Okay, great…so, are you thinking of renting the home…considering you would lose money every month?

Seller: No, we can’t afford to

Of course, you don’t want to lose money…not to mention that renters can be a real pain

Seller: Our neighbors are trying to rent their home with no luck…we are leaving the state…we can’t deal with that.

Mr. Seller, do you remember when you were looking at homes…back before you bought this home…what were the 2 questions YOU would ask your agent when you walked into a home that you liked. Remember, this is a home that you liked…you had interest in.”

Seller: The first question I would ask is…What is the price?

Exactly, what is the price…that makes sense…what is the next question you would ask…after you knew the price and you were interested in buying the home…what’s the next question you would usually ask…?

Seller: Well, I would probably ask how long its been for sale.

Ah, EXACTLY. Mr. Seller you would ask how long the home has been for sale…Now, I know why you would ask for the price…that’s obvious…but, why would you want to know how long its been for sale?

Seller: I would want to know how long it’s been for sale because if it’s been for sale for a while I would want to make a lower ofer.

Interesting Mr. Seller.  So you are telling me that the longer the house has been for sale the lower the ofer you would make…why, Mr. Seller would you make a lower offer if the home had been for sale for a while?

Seller: The sellers would be more motivated to sell at a bargain if the hime had been for sale for a while.

Okay, we are on the same page…so, if you found out that the listing was brand new on the market…sign just placed in the yard…and you want to make an offer…what kind of offer would that be?

Seller: Asking price or close to it

That’s right…asking price or maybe even over asking if you knew it was the home you had been looking for

Seller: Hmmm… I am starting to get your point

Mr. Seller…can I tell you what is now starting to happen to your property…in the eyes of the buyers and their agents?

Seller: Yes, please do.

The buyers are starting to think that YOU are desparate…and IF they make an offer…it will be very low…but, Mr. Seller can I tell you what really scares me for you?

Seller: Sure, what

Lets go back to when you were looking for homes… and lets say that you found one that you liked, the price made sense…you were ready to make an offer…but, you then found out that the home had been for sale for a while…is it possible that you may of talked yourself out of making an offer…any offer…because maybe you figured something was wrong with the home?

Seller: Yes, matter of fact…that happened. We found a place we liked…we were gearing up to make an offer but we found out that the home had been for sale for a long time and we decided against making an offer because we figured something was wrong with it…otherwise, it would of sold!

Exactly why we need to reposition your home on the market asap…before that happens to your home…

Seller: Okay

Mr. Seller lets not wait another day… lets not wait another moment…lets reposition the home on the market today.

If they don’t lower at that time…CALL ON FRIDAY

Okay, Mr. Seller lets give it another few days. Lets agree now that when we speak this Friday that we will reposition the home on the market so we can correctly reflect the market value and the buyers expectaions.

Seller: What would that price be.

Mr. Seller in this market…to have any kind of meaningful impact we have to reposition the home by at least 10%.

If the Seller won’t lower to the correct price and their “counter-offer’ to your suggested new list price is too high.

Mr. Seller, I would rather turn you down now than let you down later.

What do you mean, you now don’t want to lower the price?

Mr. Seller we have to reposition the home on the market down by at least 10%…we are in agreement about that…what we don’t want to have happen is that we don’t adjust the price enough to get the buyer’s attention…remember, there are thousands of home for sale.

Seller: Can’t we just try the price I suggested?

Of course we can Mr. Seller but, if we do that we could do more harm than good…can I tell you why?

Seller: Yes

Mr. Seller, in this market…where there are more homes for sale than there have ever been at any one time…we have to get the buyer’s attention and your suggested price just won’t do it…I work with buyers all day long…buyers won’t notice sucha small adjustment…they will just pass your home up.

…What is worse Mr. Seller is that the days on the maket will continue to grow and the home will become stale…you know what happens to things when they become stale don’t you?

Seller: yes you toss them out…

Mr. Seller, let’s do the right thing NOW. Your old price was _____…the NEW price is_______. I will make this announcement as soon as we get of this phone…in case we get an offer should I call you at home or the office?

Thanks for enjoying this  Real Estate Coaching Price Reduction Script. If you’d like to brush up on your scripts, perhaps you’d consider learning more about our “Scripts For Success” program.

       

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