As a newer REALTOR, I hear that one of the most important obstacles we have right now is getting sellers to be realistic about pricing. Everyone wants the most money for their home, in the least amount of time, with the least amount of personal hassle and inconvenience. So we all rack our brains trying to find ways of explaining the market to our sellers in order to get them to understand what is necessary to achieve their goal.
I think that most people are competitive by nature. Sellers already feel that their house is the best one in the neighborhood, it has the best features. They have that MINE IS BETTER mentality. So we need to tap into that and turn it to their advantage.
What if we explained the market this way? "You certainly have a nice home here Mr. Seller and I am sure that in your view, you are more than justified in your asking price". "But, there are 13 other homes in the neighborhood for sale." "That's a lot of competition". "What can we do to get someone to "BUY YOURS"?
I'll try to get them to think about their home as a commodity and make it a competition to SELL.
"Mr. Seller, property "A" down the street is larger than your house and it's priced for less. What can we do to get someone to "BUY YOURS" instead?
"Mr. Seller, property "B" around the corner is smaller, but it has a new kitchen. How can we get someone to "BUY YOURS" instead?
"Mr. Seller, property "C" is the closest comparable property to yours and it sold for less, how can we get someone to "BUY YOURS" when they know they can find a home just as good, for less? If that property sold for that price, we could get someone to BUY YOURS for that price.
It seems so simple, I wonder if it would work in practice. I have yet to get a listing appointment so I haven't tried it yet?