How to Get Seller to Lower List Price - Exact Email Stream

By
Real Estate Agent with RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax

If you are new to real estate sales or not so new, trying to get a seller to lower a list price that is too high is a challenge we all face. This particular seller client is  helping his parents sell a property that they fixed up and moved out of. It was on the market 300+ days when we took it on.

It is in fine shape inside and out BUT...The seller over-improved this house for the neighborhood. It is a mid to mid-high $400,000 community but they spent most of last year trying to get mid $500s. They built a first floor owner's suite which they needed...but which priced them out of the neighborhod when they were trying to re-coup all of their investment. 

Usually we would not have taken a listing like this but the seller said that his parents are commited to stepping down the price every 2 weeks until we get a contract. So far, they have followed through. We need to get to $510,000 to get an offer I believe. Today we are at $529k.

New agents often struggle with what to say when communicating with sellers in this situation...one size does not fit all but here is the email stream ...last to first....from this weekend:

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Steve ,
 
No, the analysis was good. It fits well with my cold, matter-of-business approach. No disappointments here. 
Another subject: your flyers for the house are great. I want to compliment you on those. They're in good taste. In fact, everything you do is first-class. And that report you or Jan sent over with the feedback--excellent. Love the accounting. 
As an aside, went over and mowed lawn today, washed patio, etc. House looks good. And you've done a terrific job so far. Thank you.
 
Fingers crossed,
Ted
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On May 14, 2017, at 10:12 AM, Jan and Steve Bachman 
 
Thanks Ted,
That email I wrote seemed a bit cold on my part I thought. I do try to take most emotion out of analysis ...especially when a property has been offered to the market for so long. However we are fully aware of the money involved, the past effort and the dissapointment in your family regarding this house. 
 
Steve Bachman
RE/MAX Gateway
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Steve,
Fully agreed. Will drop to $524k or $519k.
Thanks for the analysis.
Ted
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Sent: 5/13/17 7:40 PM
Subject: Re: Ali-Sales activity in Hiddenbrook-Steve Bachman
Ted,
on the link below is all the sales activity in Hidden Valley since Willow came on the market on 4-20-2017....sorted by price high to low. As you can see, 12601 Old Dorm got $508k which is the highest sales price received in Hidden Valley since May 2010. That home has a big kitchen and fully upgraded baths as you can see. Most of those sold or under contact Hiddenbrook homes received contracts in less than 6 days...with 18 days being the highest. That tells me that Willow will sell once we reach a price acceptable to the current market.
Since May 2010 only 18 homes have sold over $450,000...none higher than $508k if my data is correct. Current buyers and agents regard Hidden Valley as a $400,000 neighborhood since that is what the sales data supports.  There is no mystery any more in real estate. Everyone knows and sees everything online regarding sales, prices, condition and the view from space :-)
We are hopeful that someone who needs a first floor master suite will be willing to pay outside the neighborhood norm, but that has yet to happen.
I think we are getting closer to where we need to be price-wise but the market response has dropped off significantly since week one. I think we should leave the price where it is through this weekend and consider going to $525k next Wednesday or so if we do not have a contract by then.  
Steve Bachman
Jan & Steve Bachman Team
RE/MAX Hall of Fame, Platinum Club
RE/MAX Gateway
 
 
Posted by

 

Why pay more and get less when selling your home? Jan and Steve Bachman of RE/MAX Gateway use professional photographers, create interactive photo floor plans, print full color brochures, and make an individual property website for your listing that goes out to 40+ public real estate search sites including Realtor.com, Trulia, Zillow etc.

 

We also create a custom photo tour that is sent to other agents and prospective buyers.

 

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RE/MAX Hall of Fame, Platinum Club, A Washingtonian Magazine Top Agent 2018

Happy to Help. No Hassle, No Pressure.

Jan and Steve Bachman are full time Realtors® with RE/MAX, specializing in Homes for Sale in Fairfax, Loudoun, Prince William and Arlington Counties.

    

 

Our 3 rescue dogs have been GREAT! Go get a couple.

Comments (3)

Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

That is excellent strategy to lower the price every so many days before the asset is sold. Put it in writing

May 15, 2017 06:52 AM
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information....thanks for sharing it!  Make it a great week!

May 15, 2017 07:12 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Great strategy, Steve & Jan! I love your style of communication also - it pays dividends in the end for your clients too.

Apr 13, 2018 10:27 AM

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