As in every job, there are difficult tasks that you have to take on.  One of the difficult tasks that we face as REALTORS® is telling a seller that their house is overpriced and that they need to make a reduction in order to get it sold.  However, you can make this job easier taking the following action steps:

  • Documentation. Sure, this one is easy because we’ve heard it a million times.  Do your homework and show the actual market analysis and really study the comparables. Especially the U/C’s and Solds in the last six months.  Know the data inside and out and then show your seller the facts on paper.  It’s hard for anyone to ignore the data and the facts when they are staring them in the face.
  • Don’t use the economy as an excuse. Actually, don’t use any excuse or apology when advising your seller to lower their list price.  Oftentimes people feel like they need to apologize to soften the blow.  You have nothing to apologize for, because it is what it is. Give the facts and stand firm in it.  You didn’t create the market conditions.
  • And lastly, stay in contact with your seller. Don’t let several weeks go by without being in touch with them.  When you are constantly in contact updating your seller, it will be easier to ask for the price reduction.  Keep in contact with your sellers via e-mail, text messages, Facebook and/or short phone calls just to say hello and give a quick update.

So swallow the frog while it is still a small tadpole.  Be proactive in research, make no apologies for doing your job and keep in contact.  It’s been stated that one of the big pet peeves a seller has is that their real estate practitioner doesn’t let them know what’s going on.  The bottom line is that your sellers will respect you for doing your job.