Get Hired Before You Get Fired By Mike Pallin, Master Trainer and Floyd Wickman Team President
All the data, all your experience, all your instincts tell you that the house will not sell for the price the Seller is suggesting. Even in this market, with an historic inventory shortage, with multiple offers, highest and final auctions, escalation clauses – even with all that in mind, you just know it won’t sell at their price.
It won’t sell because it won’t get offers. It won’t sell because you just know at their price it won’t even get showings. And so you stand your ground and turn it down. Why? Because you’d rather turn them down now than let them down later.
Bummer, right? I mean, you’ve done the hard part – generated the lead; converted the lead; set the appointment; delivered your pre-appointment package; got them to the kitchen table; asked your questions and stacked the problems; inspected the house with showmanship; put on your presentation; closed for the listing subject to agreeing on a price – everything Floyd taught you to do. By the book, one step at a time.
But they won’t budge on their price. Their unrealistic, outrageous price. So you leave without the listing.
What could be worse than that?
How about this? The next few days you notice their home is up with a competitor, at the Seller’s price, AND IT SELLS! What? Are you serious?
You’re asking yourself, how could I have been so wrong? What did I do wrong? Are my standards too high?
Remember your training, and get hired before you get fired.
Floyd says, “Nothing lasts. Not the good times and not the bad.” But this market condition of unpredictability just might be a permanent fact of life.
This might be the perfectly unpredictable market to close for the signature before talking price.
This might be the perfectly unpredictable market where you can agree to speculate on a higher price, provided of course that you prepare them for the worst, and put the saleability monkey on the Seller’s back.
“What is the maximum length of time you are willing to let go by without getting an offer before we adjust the price?” And get it in writing.
“What if you get an offer at a substantially lower price, but one that is backed up by a current market analysis, or an independent appraisal, what price will your counter-offer be?”
“What if we don’t get showings, or we get consistent feedback from showings that the price is unsupportable? How should we respond to that?”
There is a very good reason why Sellers have insisted (for over 200 years) that commissions be paid on a percentage of the sale price, rather than a flat fee. It’s called incentive.
“Folks, I’m on your side. I hope you’re right, and it sells for the higher price. I am going to do everything in my power, and everything I promised I would do, to make it happen just the way you want it to. As your advisor and your representative, it’s also my responsibility to let you know what could happen, worst case, and work like heck to prevent it. So, together, let’s keep an eye on activity and feedback, and stick to this pricing plan. Let’s really listen to what this unpredictable market is telling us every step of the way. Fair enough? Any questions?”
Sellers decide on saleability. Great agents persuade their Sellers what to decide, by joining forces with them.
This is the perfectly unpredictable market where you focus on getting hired before you get fired.