When it’s time for a price reduction

Friday, April 17th, 2015

Bruce Keith

Often the seller refuses to reduce their price, even though no buyer has shown significant interest. Now what to do? Your next strategy should be to ask some tough questions. Here are four good ones to consider:

  • “Why do you suppose none of the 13 showings we have had in the last two weeks have generated a decent offer?”
  • Or, “What happens if your home does not sell?”
  • Or, “The market is reducing your price whether you agree to it or not… just so I understand, how long are you prepared to wait?”
  • Or, “Where do you suppose the market is going in the next three to six months… up or down?”

As you know, the real issue here is their motivation. If you do not get the right answers, you really have to question whether or not they want to sell in a reasonable period of time. Maybe you need to give the listing back to them. Be direct and honest – it’s your job to have the courage to tell the seller exactly what they need to know. You’re not in the business of collecting listings; you’re in the business of collecting “solds”. No excuses.

Showing subtle confidence

Great salespeople have special ways of saying things. One of those techniques is to include assumptive phrases in your day-to-day conversations with your customers. This will make your conversations significantly more compelling. The resulting benefit is your customers will find the buying exercise more pleasant and more efficient. To be a great salesperson, it is important that you master this skill of being naturally assumptive.

Here are some terrific assumptive phrases for you to use with your clients:

  1. “As your Realtor… (I will be taking care of all aspects of the transaction.)”
  2. “When we get together… (you can expect me to be fully prepared.)”
  3. “When you list with me… (you will start to see the differences in what I do.)”
  4. “After you sign the contract… (my team/company/office will look after all the details until the deal closes.)”
  5. “Because I will communicate with you weekly…(you will always know exactly what’s going on.)”

Your clients want to deal with someone who is confident. Include these in your repertoire and your customers will start to see how confident you are. What will be obvious is the value you bring to the table. Isn’t that what they’re looking for? Be assumptive. No excuses.

© 2015 REM Real Estate Magazine

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