The market flipped a switch and now my listings aren’t selling. Actually, hardly anything is selling. In some markets, pending sales are off 50% year over year. Loan origination business is down 80% year over year. Expired listings are common again. Does this sound familiar?

Just a few short months ago sellers were thrilled to get multiple offers and above asking price. The buyers who won the offers were thrilled and eager to close and move in. Everyone it seemed wanted deals to close. Everyone was motivated.

And then … click!

Times of sudden change require salespeople to get back into hand-holding mode. Sellers whose listings aren’t selling and buyers who have given up need encouragement, not scolding. Making progress toward closings is all about remotivating everyone involved. More often than not, that involves getting face-to-face again, and having real conversations.

You: Folks, our average days on market have ballooned from a few days to a few months. We’ve been on the market for 42 days, the last 32 with no offers, and the last 20 with no showings. Do you still want to sell?

Them: Yes.

You: Then you have to lower the price.

Them: But we don’t want to lower the price.

You: Then you probably won’t sell.

Them: But we want to sell.

You: Then you have to lower the price.

Them: But we don’t want to lower the price.

You: Then you probably won’t sell.

Them: But we want to sell.

You: Then you have to lower the price.

This sample dialogue is about the fundamental law of supply and demand. Unless and until your clients agree to lower the price, chances are things won’t change. Send them a link to this article to help encourage them ;) (kidding!)

Oh, sure, there are ways to refresh a listing without lowering the price. Change up the photos. Raise the commission. Pay for an appraisal. Notify past showings. Withdraw and relist. Hold a power open house, etc. But without an accompanying price reduction, all the marketing niceties in the world won’t get the buying public’s attention.

Eric Hoffer was an American philosopher and has been widely quoted as saying, “In a world of change, the learners shall inherit the earth, while the learned (those who think they already know everything) shall find themselves perfectly suited to a world that no longer exists.”

AI will change things. The decoupling of commissions will change things. The economy, the election, the Federal Reserve, the weather . . . everything changes, especially the real estate market.

We should be used to it by now, but this one seems to have caught more than a few people by surprise.

Rely on your Wickman training.

Rely on your R Squared team and coach.

Most of all, rely on your client relationships. Make their goal, your goal. And do what you say you will do, sometimes more, just never less. You’re going to be okay.

The Floyd Wickman Team Blog by Mike Pallin