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?