How to Establish the Right Listing Price

6 Tips for Price Conversations with Sellers

By Richard Ardia, RE/MAX Heritage Properties Broker/Owner

Applying the “right price range” can be fraught with emotional triggers. Utilize the tips below to remove the emotion and showcase your knowledge and expertise.

1. Establish “value,” not a price label: Keep in mind that “value” finds its own level with days on the market. Whereas, a price or “label” can often remain impervious to the facts and only represent an educated ‘guess’ as to price.

2. Stick to the facts: As professional agents, we should only bring the true ‘’forensics” of the market activity. Once a home is on the market, “opinions” no longer are valid; only the facts count.

3. Stand firm: Prices are usually a combination of “comps” and compromises! What the seller has to have has absolutely no bearing on marketing a home. Do not be swayed by emotional appeals of what they need or have to have to sell.

4. Trust your gut: Sellers’ expectations may be fueled by sales around them and high hopes. However, know that every seller has at least two “prices” in their mind when they list. The hope price and the one-they-can-settle-for price.

5. Opinions do not matter: Do not offer your opinion once the home has been on the market. Instead, provide the actual facts as to showings, responses, offers and other critical information … but do it in person, not on the phone.

6. Be realistic: Refuse to take small price reductions that do not change anything. It is like a wasted effort and will only postpone the time to sell the home. When you stand your ground here, the seller will know you are committed to creating action in the right price range.

READ MORE TIPS FROM RICHARD ARDIA

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