I Used To Be So Afraid Of This…
I used to dread client conversations.
Especially pricing conversations with sellers in a softer market, like we are in right now.
I was afraid of letting them down.
It came up this week with a new listing. They bought at the height of the market in 2022. Today’s prices are lower than that. How do you look a client in the eye and tell them their house is amazing, we really appreciate all the prep work that went in to getting it ready, and with all of that – we need to 12% under what they paid?
I can’t tell you how many years I spent kinda sorta telling my clients the truth on price so that they wouldn’t be upset with me, only to have them very unhappy down the road when their property wasn’t sold after months of being on the market.
Here’s what I’ve learned:
- The market dictates price, not me
- Clients can separate the two
As agents we are often afraid of surprising them with bad news. 99% of the time, clients know where the market is and the price. They might be disappointed, but they know it’s not your fault.
If they are making the decision to move, they need you now more than ever. They need an agent who knows how to squeeze every last drop of value out of their property in a market that is less than ideal. Which makes you more than worth your fee by the way.
*I see a lot of agents discount in a market like this because they feel bad for their sellers. Don’t do it. They are adults making their own decisions. They need guidance now more than ever.
Here are a few other realizations and mindset shifts that have helped me with potentially awkward conversations over the years:
- Any time I’m pricing a home – it’s about what the market will pay for it, NOT what I think it’s worth.
- It’s okay to commiserate with your seller about wanting the price to be more than it is.
- The decision to sell a property is about the life change it represents, rarely is it about the dollars. Focus on the motivation behind the move.
- Give them an out. If a seller doesn’t like the price in your initial conversation – ask them if it makes more sense to stay? This filter question helps them commit to the move – or not, saving you both time and effort.
- Telling the truth about price up front makes everything about the client relationship and transaction better. I have had many clients refer me who didn’t like their sales price, but loved how I guided them through the process.
So the next time you need to deliver pricing news that is less than ideal – take a deep breath, and know that your clients are probably not going to be all that surprised and they will appreciate your willingness to tell the truth.
To your success!
Nicole
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