If your market is anything like ours in Las Vegas (20,000+ available resales, 9-10 month supply, prices flat to slightly declining) you know it can be tough to be a listing agent. Sellers may get frustrated by the lack of activity (especially relative to the boom of 2003-4), and a simple 'market update' call or visit can quickly turn into a firestorm. "Why isn't my home sold? How come you didn't do an open house last weekend? You've never shown my house! All of you agents are the same! I could do better on my own!"
When this happens, understand that 99% of sellers are only venting - don't take it personally. Instead use this as an opportunity to review your current marketing and pricing strategy with the seller and see if adjustments should be made. Make an appointment to meet with them face to face, and align yourself with the seller so it's you and them against the market.
"Mr. and Mrs. Seller, I understand your frustration with this market. People definitely know your home is for sale. (Go through showing activity, agent feedback, web stats, etc). But what's happening is the market is rejecting your home at its current price. Now as beautiful as your home is, I'd love to sell it for a million dollars ... but that's not what the market is telling us."
Next, review their motivation for selling as well as their time line. Is a new home almost ready and they may be caught making two house payments? Do they want to move before a change of seasons? Does there new job start in two months? Are they facing possible foreclosure? Restating and clarifying their motivation relative to today's market opens the door for changes in marketing and pricing.
"Mr. and Mrs. Seller, I know when we originally listed your home for sale that you wanted to net $140,000. Let me ask you a question: If we weren't sitting here at your kitchen table, but were down at the title company, the inspections were finished, the house appraised, the moving van was packed and ready to go, and we handed you a check for $120,000 ... is that something you would eeeeeeven consider?"
What's important is that you have an open and honest dialogue with your sellers. Don't take it personally, and don't get emotionally involved. Sellers are relying on you to be professional, level headed and business-like. Develop a game plan moving forward, with you and the seller as a unified team against the market. Understand that you can control the marketing, but you cannot control the market. It is what it is.
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