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Updating the Real Estate Vernacular... What's HOT, What's NOT

These days everyone is looking for a fresh image, voice and a different approach. It seems the public ear has gone deaf to some of our tried and true scripted lines and we are all looking for a new way to convey some old concepts. Following is a sample to get the discussion started, please add some new ones and let's get the new real estate vernacular started.

NOT... Mr. Seller, I have looked at the comparables and I think your house is overpriced. I need to get a price reduction, so that I can advertise it this weekend as "just Reduced".

HOT.. Mr. Seller, if you will review the relevant sales information, you can see that many homes in the area have been recently repriced. The market is telling us that we need to strategically reposition your home.

SO, bring your vernacular up to date... take the "I" out of the vocabulary. The seller doesn't want to hear every sentence starting with I. Ask more questions and have the seller's answer's guide them to the natural conclusions. When you lead with "I" you are already drawing a line to be confrontational... no need to go there.

Comparables... by using the term comparable, you naturally ask the seller to answer , "my house is better and this is why". Every seller thinks their home is their castle... no sale is comparable, but there are relevant sales that should be looked at to determine price. When asking for a price reduction, don't say I think we need a price reduction... use your market studies to show where the house is positioned relative to other listed and sold properties.

These are just a few... do you have anythiing to add?

Posted by Beth Butler on 05/09/2007 08:18 AM

Comments (20)

listing tips, real estate vernacular

20 Comments on Updating the Real Estate Vernacular... What's HOT, What's NOT

MAY

2007

Beth, you clever, clever girl. This is golden!!! Five of five for you! :o)

Thanks Sarah... Im off to work on my office blog for the writer's block.

Beth - my comment is not necessarily a good one for vernacular, however if a seller is not willing to list at the price range that you suggest (especially if they want to list much more above), you could suggest using a fee appraiser. Sometimes the seller, for whatever reasons, just will not go along with the comps.

Hi Keith: Great addition, appraisers can be a great buffer between you and your seller.

I like that "relevant sales information" .... does sound better than comps! Now if I can only remember to use it....

Gary... practice, practice, practice. Thanks for your comments

Beth- Yes I do not ask for price reductions... I ask for market adjustments. It's all about the market and what the market will bear.

Debi- you are so right - the Market tells the story.

We no longer ask for price reductions, our sellers call us to reduce on their own. We keep them informed constantly with Monthly CMA's so they know who their competition is. I loved your examples Beth.

Wow Ines, you have your people trained well... I am way impressed!

Our best customers are educated consumers - We turned 2 listings down this week because of unreasonable pricing - now I want to hear more MODERN VERNACULAR!

Asking for a price adjustment is alot more positive than a reduction. Of course keeping the sellers informed of the market is key as well. How we phrase things is everything!

great suggestion Randi

MAY

2007

Beth, over the last several years "political Correctness" has change a lot of ways we now say things.

Beth, I love it!! It's all in the presentation. Pricing would not be a problem if all the real estate professionals were on the same page and that is, not agreeing with what the seller thinks his home is worth! New market, new way of doing business.

Danny - you are right - I think maybe we have lost something in being politcally correct.

Joann- you are getting into this.

MAY

2007

Beth, these are words of wisdom! I love your examples. There are so many ways to say the same thing. These are highly persuasive. Good job.

Like Ines, I had 2 sellers call me to drop their prices. I also turned a listing away as it was overpriced. I'm getting it, I'm getting it!

Hi Maggie: I think it is awesome when we get get the sellers to draw the right conclusions and get their pricing right. Congrats on getting somwhting that most people don't!

JUN

2007

Hi Beth, I loved "strategically position your home." We use "Price improvement" here..

Good to meet you!

Ginger

Ginger and Roger-Nice to meet you too...

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