Here’s how you can help your client overcome an overpriced listing.
How do you overcome an overpriced listing? Even in this market, overpriced listings can happen. If a home is sitting on the market for a while, things could get tense with your client. That’s why today I want to go over three steps we can take to turn an overpriced listing into a sale:
1. Set the right expectations. If a home is overpriced, let your client know that it might not sell immediately. Let them know that there is a process you can follow to reevaluate the price and make sure they understand the timing and steps they need to take to make it happen.
2. Communicate weekly with your listing clients. The most important five-letter word in real estate is trust. The biggest risk you run when a home is overpriced is losing your client’s trust, so make sure you communicate with them weekly about the progress being made on their sale.
3. Have a conversation about price reduction. When you set expectations, you should have mentioned the process of price reduction. This is where that conversation will pay off; the client should already know the broad strokes of the process. Now you just need to educate them so that you can sell their home.
“The most important five-letter word in real estate is trust. ”
Those are the steps you can take to maintain trust and prepare your client for the price evaluation process. What does that process look like though? It comes down to three main steps:
1. Look at the marketing. If other brokerages and teams have more effective marketing than us, then we just need to step up our game. However, if we evaluate our marketing and don’t see any issues, then it’s time to move on to step two.
2. Evaluate condition. Sometimes a home is in rough shape, and it’s hard to market a home in disrepair. In this case, we can talk to our clients about repairs, but they don’t make sense for every client. If this is the case, we can move on to option three.
3. Reduce the price. If our marketing is high quality and the condition of the home can’t be improved, it’s time to lower the price. This can be hard to bring up, but if you’ve communicated with your client and maintained trust, they should understand that it’s necessary to sell their home.
If you want to learn more about how to help your client with an overpriced home, please call us at (717) 216-0860 or email dave@davehooketeam.com. We are always willing to help!
