If you’ve taken on an overpriced listing, here’s how to get your client to agree to a price reduction.
What do you do when you take on an overpriced listing?
The key is to make sure the client trusts you throughout the process when you ask for price reductions. At the end of the day, it’s the price that sells a home. There’s a symbiosis between condition and price, but you first need to look at whether your marketing plan for the home is working. If it is, then there’s a price issue.
Once you’ve confirmed this, make sure you time block every week to give your seller a market update and explain what happened in their local area. Include data like active and pending listings. This market update should be relayed with the understanding that similar homes priced, for example, $5,000 under theirs have already sold, and that they should consider a price reduction.
“At the end of the day, it’s the price that sells a home.”
We try scheduling these calls on Thursday or Friday so we can make that price reduction before the weekend hits and take advantage of higher buyer activity.
The bottom line is this: It’s about building trust, keeping trust, and showing the client that the market is responding, just not in the way they want to see.
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.
