An important skill must one have in a market that favors buyers is the ability to help your sellers regulate the listing price that will meet their expectations financially and get them qualified buyers. You know the importance of setting the right price; however, the homeowner is the one to set the price. Below are tips on helping them through the process, whatever personality the seller has:
One seller personality is what is referred to as the dreamer. He has so much attachment to the house and maybe even believing that it’s priceless. It’s difficult, although not impossible, to set a price that is above what the market will tolerate. In this type of seller, helping him understand how buyers think is a key component. Let him know that buyers shop for homes by looking at the properties priced like the seller imagines and then look at your seller’s property for comparison. Help your seller realize that the goal here is to set a price that will make the property look great in such comparisons.
Another personality is the economist who believes that unless he gets a specific price, he can’t afford to sell. Your responsibility here is to dig deeper to understand the criteria behind his set price. You can ask what the cost will be to him in terms of money, time and aggravation if he goes on for months without selling the property. Help him understand that his responsibility as the homeowner is to set a price that attracts people to see the home while yours is to negotiate offers that will maximize their profit.
The negotiator is the seller who may consider your advice to lower the listing price to get more activity. The catch here is he will want you to lower your commission as well. Although negotiating your commission is an option, help him understand that the marker determines the price – an element you and your seller can’t control. Remind your seller that when the house sells at a lower price, your commission lowers too.
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