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

By
Real Estate Broker/Owner with Beth Butler - Big Mouth Consulting
FireThese 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 repricedThe 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?


Comments(20)

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Sarah Cooper
Real Estate Shows - Hurricane, WV
Beth, you clever, clever girl.  This is golden!!!  Five of five for you!  :o)
May 09, 2007 01:24 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Thanks Sarah... Im off to work on my office blog for the writer's block.
May 09, 2007 01:26 AM
Keith Pate
Keller Williams Preferred Realty - Raleigh, NC
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.
May 09, 2007 01:28 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Hi Keith:  Great addition, appraisers can be a great buffer between you and your seller.
May 09, 2007 01:38 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County
I like that "relevant sales information" .... does sound better than comps! Now if I can only remember to use it....
May 09, 2007 02:28 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Gary... practice, practice, practice.  Thanks for your comments
May 09, 2007 02:55 AM
Debi Braulik
www.roundrealestate.com - Maple Valley, WA
Selling Maple Valley to Fife WA Homes For Sale
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.
May 09, 2007 03:21 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Debi- you are so right - the Market tells the story.
May 09, 2007 03:29 AM
Rick & Ines - Miami Beach Real Estate
Majestic Properties - Miami Beach, FL
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.
May 09, 2007 05:41 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Wow Ines, you have your people trained well... I am way impressed!
May 09, 2007 07:27 AM
Rick & Ines - Miami Beach Real Estate
Majestic Properties - Miami Beach, FL
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!
May 09, 2007 08:05 AM
Randi Rapp
Randi Rapp - Aventura, FL

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!

May 09, 2007 09:01 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
great suggestion Randi
May 09, 2007 09:29 AM
Danny Smith
DISCOVER TEXAS HOMES - Round Rock, TX
Beth, over the last several years "political Correctness" has change a lot of ways we now say things.
May 09, 2007 09:54 PM
JoAnn Hostutler
EWM Realtors - Weston, FL

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.

May 10, 2007 02:26 PM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Danny - you are right - I think maybe we have lost something in being politcally correct.

Joann- you are getting into this.
May 10, 2007 02:33 PM
Maggie Dokic | Indialantic
Magdalena Dokic - Indialantic, FL
Selling the beach in Florida's space coast

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!

May 11, 2007 10:29 PM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
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!
May 12, 2007 03:38 AM
Ginger S
Wilkinson & Associates, Wilmington NC - Wilmington, NC
Wilmington NC Real Estate & Relocation~

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

Good to meet you!

Ginger

Jun 04, 2007 01:48 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Ginger and Roger-Nice to meet you too...
Jun 04, 2007 03:24 AM