The ‘No Thanks’ Price Reduction Script for Estate Agents
Let’s be frank for a second.
If a house has been on the market for month/six weeks without an offer, it’s not at the right asking price.
One of my estate agent clients rang me the other day saying he was struggling.
He said, “I’ve got 55 houses on the market which have been on the market for over a couple of months & the aren’t shifting. ”
I said, “No, you have got 55 overpriced listings.”
He came back with, “Yeah Chris, but they are all at market value.”
I replied,
“No, they are not. If they were, buyers would be viewing & most importantly offering. The market value isn’t what you want, it’s what a buyer is willing to pay …… today.”
This is why you need to get your vendors out of ‘fairy tale land’ and into the real world.
This is how …
“Hi [Vendor's Name], we have now been on the market for around 45 days.
We have had plenty of views online [insert the number from Rightmove +], a few viewings, but no serious interest or offers.
That is the market telling us we are overpriced.
The good news is, we are still early enough to adjust the price and generate fresh interest. If we wait, the listing could go stale, and that’s harder to recover from.
Can I ask, (pause) do you know how much money you will get if the house doesn’t sell?”
(Vendor: “No.”)
(pause)
“Exactly….. (pause) Nothing. Zero. Not a penny.
(pause)
Now, when we first spoke, you told me the goal was to move to [e.g. Manchester] because of your new job. Is that still the plan?”
(Vendor: “Yes.”)
(pause)
“Right, so let me tell you what motivated sellers in your position tend to do.
They bring their asking price in line with what the market is telling them.
They price it strongly, and they negotiate even stronger on the one they want to buy. Which would you prefer?
(pause)
That we sharpen the price now, get more viewings, maybe even multiple offers so you get to choose the best deal in [Manchester]……
… and if the offers are too low, (pause) you say ‘no thanks’
(pause)
Or …
(pause again)
Keep the price where it is, where the market is clearly saying ‘no thanks’, and you don’t even get to have the conversation?
What makes more sense for you?”
That's it - hope you liked it
Christopher
07950147572
Let’s be frank for a second.
If a house has been on the market for month/six weeks without an offer, it’s not at the right asking price.
One of my estate agent clients rang me the other day saying he was struggling.
He said, “I’ve got 55 houses on the market which have been on the market for over a couple of months & the aren’t shifting. ”
I said, “No, you have got 55 overpriced listings.”
He came back with, “Yeah Chris, but they are all at market value.”
I replied,
“No, they are not. If they were, buyers would be viewing & most importantly offering. The market value isn’t what you want, it’s what a buyer is willing to pay …… today.”
This is why you need to get your vendors out of ‘fairy tale land’ and into the real world.
This is how …
“Hi [Vendor's Name], we have now been on the market for around 45 days.
We have had plenty of views online [insert the number from Rightmove +], a few viewings, but no serious interest or offers.
That is the market telling us we are overpriced.
The good news is, we are still early enough to adjust the price and generate fresh interest. If we wait, the listing could go stale, and that’s harder to recover from.
Can I ask, (pause) do you know how much money you will get if the house doesn’t sell?”
(Vendor: “No.”)
(pause)
“Exactly….. (pause) Nothing. Zero. Not a penny.
(pause)
Now, when we first spoke, you told me the goal was to move to [e.g. Manchester] because of your new job. Is that still the plan?”
(Vendor: “Yes.”)
(pause)
“Right, so let me tell you what motivated sellers in your position tend to do.
They bring their asking price in line with what the market is telling them.
They price it strongly, and they negotiate even stronger on the one they want to buy. Which would you prefer?
(pause)
That we sharpen the price now, get more viewings, maybe even multiple offers so you get to choose the best deal in [Manchester]……
… and if the offers are too low, (pause) you say ‘no thanks’
(pause)
Or …
(pause again)
Keep the price where it is, where the market is clearly saying ‘no thanks’, and you don’t even get to have the conversation?
What makes more sense for you?”
That's it - hope you liked it
Christopher
07950147572
