We all know what it’s like to be on a listing appointment, talking to the sellers after we’ve already done our research, and finding out that they have unrealistic expectations.
You want to be nice, because you know they’re attached to their home and that they’ve assigned value to it where potential buyers won’t; at the same time, you need to be honest with them in order to give them the best possible service.
How to Tell Sellers They are Asking Too Much. The Numbers Don’t Lie
You’ve done your research, and you know your market – but the sellers have their preconceived notions and an attachment to their homes. If you want to keep the listings, you’ll need to spare their feelings; the best way to do that is to have an open and honest discussion.
Be tactful and truthful. Let them know what the local market looks like, and show them listings similar to their home. Mention that it’s usually better to follow market trends and accept a little less than the asking price than to have to slash the price dramatically in a few months.
How to Explain what Buyers Want
Every buyer evaluates homes differently. While one is thinking about the distance to work, another is thinking about whether the backyard can support a garden. One is considering the countertops, while another is focused on the amount of storage space that will be left in the garage when there’s a vehicle inside.
That makes it downright tough to explain what buyers are looking for. The best way? Show them recent sales. Buyers make decisions based on comparisons with other homes, and they want the most benefits for the best possible price.
There’s nothing wrong with saying, “Well, I’d like you to be flexible on your asking price. Here’s why,” as you show them comparable homes that have recently sold in the area. Helping your clients set realistic expectations is essential in building healthy (and long-lasting) relationships, and in this business, that’s what we’re all about.
Ready to Work with Benchmark Realty?
If you’re not already one of our rockstar Realtors, we’d love to talk to you about our Total Freedom concept and the fact that all of our agents get 100 percent commission on every transaction. Just call us at 615-371-1544 or fill out the form below. We’ll set up a meeting so that we can discuss your future with Benchmark Realty.