One of the greatest challenges we face as real estate professionals is getting sellers to understand that their list price is too high. Common objections are:
"Well, if we lower it down, then people are going to low ball THAT price!!!"
"You're just trying to dump this property and sell it quick!!!"
I thought of an analogy of fish in a lake. The fisherman is the seller / listing agent. The bait is the price.
Sometimes we need lower the price, like lowering the line in the water because the fish are deeper. Yes, the buyers will probably try to undercut even the lowered price, but they won't do ANYTHING unless the bait is where they are, where they will bite, where they believe the home is really worth. Sellers hire us because we supposed to be able to figure out WHERE the fish are biting for any given price range.
Sometimes the seller wants to grab hold of the fishing pole. Sometimes the Realtor's hands are tied until the seller allows him or her to "lower down the line." Until that happens, the home simply WILL NOT sell. When a seller comes to grips that the Realtor has to have the grip, then we're in business.
It hurts to let down the line. The seller is thinking of giving in, giving up ground to the buyers, worried about getting "low-balled" even on the newly reduced price. It is what it is.
And the fish will continue to wait...
Until a tastier bait comes along because the fattest fish and the best fish are the smartest fish, and buyers today ain't stupid.