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So you have a listing (or listings) that are sitting on the market. You’re gearing up to ask your seller to reduce the price. Even the most experienced and skilled Realtors and Brokers don’t like making those calls.
The purpose of today’s podcast is to help you prepare for The Big Ask…and actually achieve a meaningful price adjustment. On tomorrow’s podcast, we’ll share some proven scripts and conversation outlines so you’ll know what to say and how to say it.
Of course, you get a lot more of this sort of thing when you’re a Premier Coaching Member!
Before you go asking for a reduction or a ‘price improvement’, there are things to say to your seller and things NOT to say to your seller.
Let’s start with what NOT to say and do:
1. Do NOT bring up the price on every call you have with your seller. The #1 complaint from expired sellers in today’s shifting market is: ‘The only time I heard from my agent was to ask me to reduce my price!’ Sellers want to know what you’re doing for them before they’re willing to budge on their listing price.
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2. Do NOT use language like cut, slash, or reduce. Replace with words like: improve, adjust, or modify.
3. Do NOT ignore the market conditions and assume that every listing you take will instantly sell with multiple offers for whatever price you put on it. Maybe the average days on the market for a listing like yours have risen to 60 but you didn’t realize it. Maybe the average list-to-sell price ratio isn’t 105% anymore and has dropped to 97% so that ‘lowball offer’ wasn’t a lowball at all! Know your facts. Maybe you now have 5 homes you’re competing with but you assumed there were none and it would be a feeding frenzy. Review what’s going on weekly for all of your active listings.
What can you do and what conversations should you have PRIOR to asking for a price reduction from your seller(s)? Remember, your seller is wondering ‘What have you done for me lately!?’ Don’t let them wonder for too long…you might get fired, or the listing could expire on you! The object of the game is to be the listing agent when it SELLS.
1. Communicate with all sellers at least once per week, using our 12-week Seller Communication Plan that you get in Premier Coaching. For example, according to the plan, you will update your seller each week with the following:
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-How many showings you’ve had this week and how many total showings they’ve had since you listed the home.
-What the feedback has been after each showing. Suggest remedies to improve any issues.
-Number of inquiries saves, and downloads from your online media. Conversations you’ve had with in person, via text, or email regarding their listing.
-Open House results.
-Which homes have sold that you were competing with, and how many days those homes took to sell. Why did those homes sell versus your listing? Was that related to the feedback?
2. YES, you should be holding open houses. 9 out of 10 sellers expect you to do this, and they’re a great lead generator in a market starved for listings. YES, you might actually sell the home yourself via an open house. Either way, you’re making an obvious effort to sell the house. Sellers assume you’re doing nothing if it hasn’t sold and you haven’t been showing it lately!
3. If your pictures are seasonal, update them. If it’s Autumn and your pictures are of Spring, it automatically looks outdated. Change your wording in the description, and keep things looking and sounding fresh.
4. Refer to our 11 ways to sell your listings fast, and add some perks to the listing. Make sure you discuss with your seller first and do a new seller’s net sheet. Give it 2 weeks after you’ve promoted the perks before you talk about price.
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5. Let your database know about your new listing and ask them who they know who would love to live in that neighborhood. Make sure your listing client knows you’ve done this!
6. Post your listing on NextDoor.com/name of neighborhood, any Community pages on Facebook or WhatsApp, and let your seller know you’ve done this. Monitor for questions and comments on those entities.
7. Doorknock the neighborhood with a Just Listed flyer, asking each owner you speak to whom they know who would love to move into this neighborhood. Let your seller know you did this. You’ll probably take more listings as a result of your doorknocking anyway, so don’t skip this!
If you haven’t done all 7 of these things, you shouldn’t expect your seller to give you the reduction you’re looking for, and they may even get combative with you when you ask.
On our next podcast, we’ll discuss several different price reduction scripts and conversations that will get the job done!
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