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Is there a Right Way to take an Over Priced Listing? – a 3 Step Plan

April 2, 2016 by Gloria Keith

 

Sometimes it’s necessary to give in and take an overpriced listing. Why would you do that? Well, let’s look at it this way. If they’re really motivated and they’re stuck on the price but they have to move, go ahead, work with them. You can help even though it is not the traditional “straight line” approach.

Here’s the”right” way to do it…a smooth 3 step technique I recommend you start using. It will protect you and them.

Step #1. When you decide to take an overpriced listing, make it very clear to your customer that it is being overpriced based on what the market is saying. So you don’t say, “I think it’s overpriced.”

Rather say, “Based on what the market is telling us, we’re probably going to be about $20,000 or $30,000 high there. At the same time, I am here to support you.“

Step #2. Now go on to say, “So let’s do this, we can start by listing your home as much as $30,000 high, at $550,000, and then we’ll look at it in two weeks. We’ll know then if it’s going to sell or not at that price. How does that sound?“

Step #3. Then you can close and reassure your Client by saying, “By taking this approach Mr./Mrs. Seller, at least you’ll know we’ve made the effort to get you the most money possible. Let’s price it right now at $550,ooo and then we can review it in a couple of weeks just in case we have to drop it down. Fair enough?”

Question: the key is “are they motivated?”. What’s your best technique for knowing that before you go too far into the process?

Filed Under: Blog, Listing Presentations, Sales Training

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Comments

  1. Michael Matheson says

    April 2, 2016 at 10:38 am

    Yes – this is something that we all run into more times than not, and if the Realtor just isn’t able to get the Client to list at the market pricing then this works very well….Mike

  2. Bruce Keith says

    April 2, 2016 at 11:12 am

    Good man Michael, by staying in control you’re making the overall sales process flow so much easier. They deserve that…and so do you!

  3. Harris says

    April 2, 2016 at 12:05 pm

    Thank you for this script, Bruce!
    As you pointed before, it is worth to at least try and have a price reduction signed when you take the listing. Yes, it doesn’t always work, and yes, some people have shorter fuses than others. But, when you have that reduction signed in your back pocket, not only your life is easier, but your confidence skyrockets and you even “may” get them their dream price, simply because of your mental posture, attitude and everything that transpires through any of your actions. I am in this situation just now, where the Seller called me herself to activate the $20.000- reduction after on week on the market, with a clear message: “I want to sell, no more Dream Land”.
    In a nutshell, THANK YOU BRUCE!

    • Bruce Keith says

      April 2, 2016 at 1:20 pm

      Thanks Harris…isn’t it interesting how much easier it is to help people when you have the confidence to look them in the eye and communicate “Here’s exactly what we need to do Mr. Buyer/Seller”. Well done, you are growing in leaps and bounds!

  4. Robin Telfer says

    April 2, 2016 at 12:11 pm

    The end result is that you have the listing and have a contracted time period to adjust the price. The key is to say up front when finalizing the agreement that a price reduction may be in order at a later date.

    • Bruce Keith says

      April 2, 2016 at 1:22 pm

      Well said Robin. It’s all part of taking on that wisdom that says, “begin with the end in mind”. Takes the surprise out of the relationship, doesn’t it? Keep it up!

  5. Lloyd Francis says

    April 11, 2016 at 5:45 pm

    This is good advice. I have always been afraid of taking an over price listing not knowing the right thing to say. You have restored my confidence. Thanks Bruce

    • Bruce Keith says

      April 11, 2016 at 5:59 pm

      The good news is Lloyd…there’s always an answer. Sometimes we over complicate the basics of our business. Our “All the Right Words” package – What to Say & How to Say it – follows the principle of keep it simple. Keep on growing!

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