The Dollar Bill Analogy – Dialogue to Price Property to Sell
Powerfact: Using stories, metaphors, and analogies is a great way to communicate a point and help guide people to make good decisions.
I’m a big fan of analogies and metaphors to illustrate a point and help people to visualize what you are trying to communicate. In this video, I demonstrate the “dollar bill” analogy.
Very often, when you go to list a home a seller might try to talk you into a higher price point than the market will allow. (Raise your hand if that’s ever happened to you!) When that happens, I like to break out the dollar bill analogy. It goes something like this… “Mr. Hunna Hunna – if I gave you a stack of new $1 bills and sent you to the mall and asked you to sell them for 90 cents, how fast do you think you could sell them? What if I gave you a stack and asked you to sell them for 85 cents? Even faster — right? What though, Mr. Hunna Hunna, if I gave you a stack of new $1 bills and asked you to sell them for $1.10? That would be tough, huh? See, that’s because no matter how crisp or clean or special that dollar bill is, you still can’t sell a dollar for $1.10. Do you see what I’m saying?”
Then, whenever possible, back up the first analogy with a second one to seal the deal. “Mr. Hunna Hunna, let’s say you weren’t selling, but you were in the market to buy a dollar bill. Then you had the chance to buy a brand new, crisp, clean, beautiful dollar bill – – or a dirty, nasty, grimy dollar bill — and they are both worth a DOLLAR –– which would you choose? I guess what I’m trying to say Mr. Hunna Hunna is all the wonderful improvements you’ve made to the house still won’t make the dollar sell for $1.10 – but they will help it sell faster than the other dollars that are not as nice. Make sense?”You can't sell a dollar for a $1.10. It's the same with pricing properties to sell. #PriceItRight Click To Tweet
Using analogies like these not only helps you communicate more effectively, they help you feel more confident and engage on a more personal level with buyers and sellers. You’ll find a lot of these tools in your classroom under Listing Appointment.
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