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Presenting Feedback to Sellers and Asking for Price

Posted by Ryan Rodenbeck on Tuesday, October 15th, 2019 at 3:00pm

Transcript:

I want to talk about a little bit about when you're working with sellers. And you their property doesn't go the first weekend or the second weekend or the third weekend. And you have got to call them that next Monday or Tuesday, right? I recently had someone took off the day yesterday if I go to a waterpark with my family, and they had called or they texted wanting feedback requests. So before I called them, what I did was I called Sunny got the exact amount of people that have been through the property, the feedback that we've had, I went referenced the conversation that I had when I initially talked to them. And I had a plan of what I was going to do before I called them which you don't want to do when you have a seller that's interested in feedback and a plan is call and say Hey, what's up you want to call them have all the information at your disposal be able to rapid-fire Talk to them about where their property is how, as far as you know, showings, activity, demand feedback, and recommended price. Okay, and control the conversation. Otherwise, you're setting yourself up for disaster.

They're going to ask a bunch of questions, you're gonna look like you're unprepared. So when I did this yesterday, and actually did it just a few moments ago, but before this meeting, was I had all my ducks in a row. I told my seller, look, we've had five showings in the past week, or the last two weeks rather, we had an open house, we had four people with the open house of the five showings, you know, we had to that seemed interested. They're no longer interested. They are. of the open house. We had one person that seemed interested and two people that were looky-loos. At this point, we've been on the market and this is what I always tell our clients the beginning, is if we go through two weeks, two weekends, of showings, and we don't get something that we need to probably adjust the price, especially if you're in a situation where that price was a little bit high.

So when I told my sellers like, look, we've already we're going we're approaching our third weekend on the market. As I said, the price that we that you decided to go with was on the higher end, it wasn't unreasonable, but you remind them that you recommend it on the third weekend to drop the price. And that in two more weeks, you're going to give them another recommendation of a price drop, right?

So you're setting the expectation that when you call them your first year, you want to control the situation and give them all of the answers that they're seeking before they ask them. You're also planning the next price drop, and then you're setting the expectation for the next price drop. If that doesn't happen, and you also remind them that they have the biggest win you're under the 1 million category. Their biggest stock is the highest on their property during the first 30 days, you get to a 1 million, 2 million. It's a whole different game. It's a whole different timeline, but it's the same process. So, as I did that, I went in, made that conversation. And I said, by the way, do you have any questions? Nope, exactly what I know. I will call you tomorrow and tell you most likely that we're going to take your suggestion for a prize shot. So yes.

Yeah, so the way you handle it in Isabel asked, how do you handle the objections? When a client asks with only been two weeks? Should we think we do it already? The way you do that, as you set your expectations from very beginning, and you tell them look, this is this price range is a price range that's on the higher side of what I recommended. I'm not it's not uncalled for. It's not reasonable but my suggestion is that after two weeks you drop the price.

I don't know if you guys can hear it as well, but you're going to want to set up the first 60 days at the listing consultation. And so that that kind of sets you up for success, right? Especially if they're taking the higher range of the price range, right. As you all know, a lot of agents will buy the listing and the woman's going to say buy the listing, that means they, they give a price that's higher than you'd recommend. Now look, if they give up if you're going up against another agent, and you're the high ranges 590 and they're going 625. My suggestion is walk you know, it's not gonna praise and it just rejected Let's let somebody else have it, there's a good chance you'll get it on the second go around. And if that happens if they take that higher price, right say, look, you know, respectfully I disagree. I would suggest if your other agent is telling you that they can get you that price range, then they can get in a short period of time, right? Do a 60 day live, do a 60 day listing agreement. And if it doesn't work, then maybe you should try my methods. And we can walk that price down and give the proper marketing and exposure and presentation that your property needs.

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