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Most probably, the answer is a resounding Yes, at least where the price of their home is concerned!
In this type of a real estate market, you know you have to be more careful about the listings you take on. If you take a listing from a seller who thinks their home is worth significantly more than the market will bear, you know you’re facing a fight.
If you list the home at an unreasonable price, you know you run the risk of alienating the seller trying to get price reductions, and spending a lot of your time and hard-earned cash trying to promote and advertise a home that is not going to sell.
It’s the real estate version of what sailors call their boats - a hole in the water that you pour money into.
One client of mine told me how she handles the “seller in denial” issue. She pulls listings that are comparable to her prospect’s home. Then, she packs the sellers in the car and they go on a buying trip.
She finds that the sellers typically get more and more quiet as the tour goes on. They look at homes that may even be in better condition or that have more features, but are priced in the range she is suggesting.
This blast of reality can have two great outcomes - the seller may decide to do some upgrading in order to sell, or they may see the value of pricing the home to be competitive in the market. Of course, you can always run into a seller who just doesn’t get it, too.
I was interested to see this approach mentioned in an article at Realtor.org. Check it out. The article describes some other very interesting ways to handle pricing issues and objections. You know, things like “But, we need the money”, “We can always reduce the price later”, “People can just make an offer”!
Have you found a great way to get sellers to set a realistic price? Please share!
