5 Phrases I Use with Home Sellers to Get More Price Reductions

And: "Would you BUY your house for the price you want to ask?"

tight pricing works SO well. I always have listings with me that have been sold within 97% of asking to show that buyers usually recognize CORRECT pricing. Yes, there will be the occasional low ball but the general rule is that the offers will be comparably close to asking,

I like number 3. I generally use photos of competing homes to illustrate the point.

Very good points you make Ken I particularly like 3 and 5 nothing like a direct and to the point statement the get the attention. 

There are several "pearls" that I like to imprint upon my sellers when listing their home: "clutter eats equity", "space sells" and "price it right & negotiate less".

Well done, I agree a few key phrases that you are comfortable saying is key. Thanks

Good post and good ideas. The main thing is that you find a way to communicate the market environment to your client so that they make a clear decision.

Hi Ken, the only one that doesn't work for me is "we are close" I said that to my seller when we received a counter and he yelled at me "Because you made me drop the price 25K! That is the only reason we are close!"  :(

Very good points Ken.

However, what happens if you are the person who priced the property. We recently priced a property only to find out that there was a very similar property (in escrow at the time) that sold for a lot less than we had priced our listing. Do you have Any suggestions?

Hi Ken:

Thanks for the post.  These are all good comments to get a seller to evaluate or re-evaluate their pricing.

Great list of tools for your tool box.  Thanks for sharing, I think I may just "borrow" a couple.

Here's my matter-of-fact line if a house needs a price reduction: "Mr. Seller, your house is overpriced. If you don't drop the price and/or make some repairs, it'll never sell. What would you like to do?"

I always suggest pricing 3-5% below market value to generate the most interest and hopefully multiple offers. I recently sold a home that I thought was worth $124-125k as I had great comps. I bracketed the price at $119-129k. The seller wanted to price at $129k. I suggested $119k and they decided to go with my recommendation. Guess what? Multiple offers and a final selling price of $124k! Made me look like a genuis! I also write a reduction after 30 days into the listing contract.

Great post! Thanks for the tips!  I have been using the phrasing "Re-position the house ........". This can be a price change, staging, adjust pictures, examine creative financing, etc.

Ken,

Great quotes I need to use some of these on my listings.............. thanks for posting them.  I love all the help we get here on ar. best wishes,

kim 

Key Phrases... or discussion starters are good to have in your back pocket. Overpriced listings are a common discussion these days.

Good post and good approach.  The way you ask the questions gets people to think.  Thanks for the info.

Great phrases to remember! I find out during the interview how much room they have to negotiate. When I come in on an initial interview, I have done a CMA and know what it should be listed for and then find out where the sellers stand when presented with the facts!

I don't like scripts either, but things that you say over and over and that make sense are actually scripts whether we like them or not...you are 'practiced' at that script because it works.  Scripts aren't good when they aren't genuine or pertinent to the conversation at hand.

All of those are great, and I use them as well, or a slight variation.  I find that my greatest success just comes by building a really strong relationship with the seller, so I don't have to beat around the bush.  "Hey Mr. Seller, it's not getting any activity at this price so it's overpriced.  We need to drop it."