Tuesday Real Estate Tips: Pricing Property in Today’s Market
Today’s Tuesday Real Estate Tip: Help Sellers understand pricing strategy in a shifting market with the soccer analogy.
With all the news of a cooling seller’s market, we have at least ONE question that comes up on almost every coaching call, and that is, “How do I approach the pricing conversation with sellers who still think that the sky’s the limit and don’t understand how market shifts are changing how much they can get for their home?”
We get it. I think we’ve all got a little whiplash from all the market change we’ve seen in the last few years.
One of the reasons we LOVE this question, though, is because it is an opportunity to use a metaphor or analogy.
Here is how Darryl’s Soccer Analogy Dialogue (Script) might sound…
“Mr. and Mrs. Hunna Hunna, pricing your property to get the best return on investment in today’s market is a little like playing soccer.
Picture yourself coaching a little league soccer team. To help your kids succeed, you don’t teach them to go where the ball IS. You teach them to go where the ball is GOING. That way, they are ahead of their competition and can take control of the ball.
The same is true in real estate. When pricing a home, if you price it where it is TODAY, you will be overpriced tomorrow…so don’t price it where it is, but rather where it’s going to be.
When you price your home just below current market value, buyers will see your home as a GREAT value, which will often cause you to have multiple offers on your home, which allows you to negotiate UP the price.
When you price at or above market value, less offers will come through, and you’ll wind up having to negotiate DOWN in price.
Let’s get you on the playing field and ahead of the ball!”
Why do metaphors and analogies work so well?
First, they allow you to speak from your heart, not your head. So, you don’t have to worry about memorizing a “script.”
Secondly, they are natural connectors. Using a metaphor or analogy allows you to paint a mental picture that people more easily relate to and understand.
POWER AGENTS® – Darryl has an ENTIRE customizable listing presentation for you — and a video of him delivering the whole thing – that can help you best understand the power of using metaphors and analogies in your listing conversations.
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