How to Get a Seller to Right Number Without Losing the Listing

The second is pending listings. Homes that are under contract, haven't closed yet. What do those price points look like? Have they lowered all of that data? And then the last and the most indisputable is here's what people actually paid for homes like yours. And that's our closed sale data. Present these as visually as you can. If you can put them into charts, if you can put them into graphs, whatever that looks like, great. If you have to print them out and just segment them on a on a traditional CMA, that's fine, too. But we want to get the data in front of the client because that is something nobody can argue with. So, the problem is that data alone isn't going to get us from point A to point B. It's not going to get us from convincing them to list their property at a certain price point and signing that listing agreement. We have to have the right phrasing to make them understand that A, we're on their side. We're trying to support them. B, we're bringing them the honest truth and we're an advocate in their corner. The first thing I want you to say is, "My job is to get you the most money the market will support." And I'll tell you, for years I used to say, "My job is to get you the most money in the shortest amount of time." And that isn't the right framework. The right framework is my job is to get you the most money that the market will support. Instead of being adversarial because you've given them bad news, what you're doing here is positioning yourself as their advocate.

And that is a huge mind shift in their mind is I've got somebody who's actually looking out for my best interest. Now, the second phrase is that a home that is priced right from the beginning almost always nets more than a home that is priced too high and chases the market downward. And that is true. We've got data to back that up. Most sellers don't know that, however, and so we've got to explain that the longer that something sits on the market, the more people believe there's something wrong with it. And there's opportunity here to take advantage of offering lower numbers. If we price it right out of the gate, we're going to drive more demand. We're going to drive higher profit for your seller. And the last thing, quite simply, is I'd rather have this conversation with you right now than have to call you in 30 or 45 days and say, "Let's take a price reduction." And that's just being honest. It is way easier to come in now and say, "This is what we're doing."

then try to appease you. Try to, as my dad used to say, blow smoke up your ass and then come back in a month, 45 days and lower the price to where it should have been in the first place, which doesn't help anybody achieve their goals. Even with great data, even with positioning yourself as their advocate and giving them the things that they need to hear, oftent times a seller's going to push back and they're going to say, "Well, we can just drop the price later." Great. Acknowledge it. appreciate that feedback, but let them know that generally speaking, we see greatest interest in this marketplace in the first few weeks and then things start to slow down considerably. So, we want to make sure that in those first few weeks, we're in a position to capture buyers that are coming through and give them a reason to make an offer.

But my neighbor sold theirs for this. Did they? Let's take a look at it. This one needs data. Let's pull the comp up. Let's show them what it actually sold for, including concessions or anything else. And let's look at the timeline. How long were they on the market? When did it actually sell? One of my agents was in a listing presentation the other day and got this exact objection. And when they pulled up the listing that the client was referring to, it was from 4 years ago. Well, we were in the height of the crazy market during COVID and everything else. Sure, it sold for more. The market has equalized since then. So, back this objection purely with data. An objection you hear a lot is, "Well, I need this amount of money out of my home in order to make my next move." This one is tough because it's based in emotion, not in logic. But let's acknowledge it again. Let's appreciate the feedback once again. And let's tell them really, really honestly, listen, I'm trying to get you the very most money that I can get the market to support. That's my job. I can't sit here and promise you a number that isn't going to come true and set you up for failure. So, what I'd rather do is say, "Hey, let's look at the real number here and talk about what that means for your next chapter. Even when you price it right, sometimes the market doesn't respond, and that's okay.

It happens. It's not ideal, but it happens. So, here's the key to having a good price reduction conversation with your client. Be proactive. reach out to them before they reach out to you. Here's what I'm seeing in the marketplace. This is what the information looks like that the market is giving us. And I would rather act proactively now than wait around and miss out on opportunities. Don't go, "Oh, we're going to lower it $1,000. We're going to lower it this. We're lower that." Like, make a significant swift decision. Go out and execute on it. Don't apologize for the market. Don't apologize and look at it as a failure. look at it as a strategic decision, as part of the marketing plan to get this home sold, act on it, and let's get it sold. So, the pricing conversation can be tricky as you can see, but if we have the right framework, we have the right language, we lead with data, and we're a proactive advocate for our client, we're doing everything we can to set that person up for success.

And that's what great agents do. That's what separates great agents from the ones who take listings just to take listings that never sell. Hey, if this was valuable to you, I would be honored if you would subscribe, follow, like, share with one of your friends. And if I can ever be of service to you, please don't hesitate to reach