Do these three things to convince your seller to lower their price.

Today we’re talking about how to convince your seller to lower their asking price. A few months ago, our market heavily favored sellers. They could put up whatever outrageous prices they wanted and still expect multiple buyers to come flocking with offers way above the asking price. Now, that’s no longer happening. If the seller sets the price too high, there’s a big risk of their house sitting on the market for far too long. So, as their agent, here are three things you can do that will keep your clients’ houses from getting dusty on the shelf in the buyers’ eyes:

1. Manage your client’s expectations. Discussions about price reductions and the triggers for such should be held at the time of the listing presentation. Make sure they explain that the price you come up with is based on local market data and what makes sense today. One way to find out if the market sees value in the price is by evaluating the number of showings, offers, and any feedback you get along the way.

“A few months ago, our market heavily favored sellers.”

2. Maintain constant communication. You want to prepare them for what may happen—a price reduction will be easier to handle. Present to your seller the facts discussed at the time of listing. Emphasize how a price adjustment will actually improve the showings and offers they get on their property.

3. Show your client the correct price adjustment based on activity and updated local market data. The decision on how much of a price reduction will depend on the seller. They will rely on you for guidance. How you educate your seller will be crucial in determining the proper adjustment to the asking price.

Hopefully, these three points better prepare you to have price adjustment conversations with your client. If you have questions about these, don’t hesitate to reach out via phone or text. We can discuss it further. Also, be on the lookout for dates and times of our upcoming workshops.