Here is your ACTION STEP… as soon as the Seller agrees to a realistic price, much of the hard work is done. Here are some keys to help you be powerful in pricing:
1. Know your overall market statistics (volumes, days on market, sale price to asking price, etc.)
2. Have a hands-on knowledge of the existing inventory, what is selling and what is not (consistently inspect homes in their price range)
3. Present the comparables in a simplistic, easy to understand fashion (not too much detail)
4. Tell them the truth – help them use logic, not emotion when pricing
5. Don't complicate things. You are the "messenger"-help them look at the facts. It is not rocket science
Lastly, if you are going to take a listing and you know it is overpriced… be sure they know this and have agreed to a strategy of reducing the price in two weeks. If your RE Board will allow it, have a post-dated price reduction form signed when you take the listing. NO Excuses.