As we near the end of the year, many real estate agents find themselves with listings that just aren’t moving. You may be feeling the pressure as Christmas approaches, especially when your clients have high expectations despite the current market conditions.
Join me in Episode 117 of Coaching on the Go as we focus on one of the most important skills in real estate: managing vendor relationships and building trust when the market isn’t performing as expected.
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In Episode 117, The Current Challenge: Stuck Listings and High Vendor Expectations– A Critical Message for Agents
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Establishing Trust from Day One
Trust is the bedrock of any successful client relationship, but it’s especially critical in a shifting market. If your clients don’t trust you, it becomes much harder to guide them through tough decisions. Here’s how you can establish trust from the very beginning:
- Set Clear Expectations
Be upfront about the current market conditions and what your clients can realistically expect. It’s tempting to tell them what they want to hear, but setting false expectations can damage your credibility later on. Instead, focus on providing a balanced view of the market, backed up by recent data and trends. - Communicate Regularly
Keep your clients informed at every stage of the campaign. Regular updates, even if there’s no major news, show that you’re actively working on their behalf. Consistent communication builds confidence and helps reduce anxiety, making it easier for clients to trust your advice when adjustments are needed. - Show Empathy
Remember, selling a home isn’t just a financial decision; it’s often a deeply personal and emotional process. Take the time to understand the reasons behind why your clients are selling. Ask questions like, “What’s motivating you to move?” and “How do you see this sale impacting your future?” When clients feel understood, they’re more likely to trust you.
The Power of Honest Conversations: The PDC Framework
It’s not easy to tell clients that their expectations don’t align with the current market. However, these tough conversations are necessary if you want to achieve a successful sale. In Episode 117, I share a three-step process I call the PDC framework: Assess the Situation, Isolate the Challenge, and Present Options.
Step 1: Assess the Situation
Start by laying out the facts. Review the campaign’s performance to date and provide a summary of what’s happened so far:
- How many inquiries have you received?
- How many inspections have been conducted?
- Have there been any offers, and if so, at what price points?
By presenting the data objectively, you help your clients see the reality of the situation without it feeling like an opinion or criticism. This step builds a shared understanding of where things currently stand.
Step 2: Isolate the Challenge
Next, identify the core issue clearly and directly. In many cases, the biggest challenge is a gap between what your clients hope to achieve and what the market is currently willing to offer. For example, you might say, “The challenge we’re facing is that the price you’re aiming for is higher than what the market is indicating at the moment.”
Being upfront about the problem allows you and your client to tackle it together. It’s not about blaming anyone; it’s about recognising the reality of the situation and finding a way forward.
Step 3: Present Options
Finally, give your clients the responsibility to make a choice. This step is crucial because it empowers them to take ownership of the decision, rather than feeling pressured or backed into a corner. Present three clear options:
- Option 1: Sell Now
Adjust the pricing strategy to meet the market and aim to sell before Christmas. This option allows your clients to move on with their lives sooner and avoid the uncertainty of the new year. - Option 2: Wait and Sell Later
Hold off on making any changes now and continue the campaign into the next year. This option may be more appealing to clients who aren’t in a rush and are willing to wait for a potential market improvement. - Option 3: Withdraw and Reassess
Consider taking the property off the market and revisiting the sale at a later date. While this may seem like a step back, it can relieve immediate pressure and give your clients time to rethink their plans.
After presenting these options, ask your clients directly, “Out of these three choices — selling now, selling later, or not selling — which one feels best for you?” This approach puts the decision-making power back in their hands and often leads to greater clarity and commitment.
Guiding Clients Through Emotional Decision-Making
Selling a home is never purely a logical decision. It’s wrapped up in emotions, memories, and future hopes. By digging deeper into your clients’ motivations, you can uncover the emotional drivers that influence their decisions. For example, if a client says they’re downsizing, ask them why that matters. Is it to free up cash for travel, or is it about reducing stress and maintenance?
Understanding the emotional “why” behind the sale helps you guide your clients more effectively. You can remind them of their true goals during tough conversations, making it easier for them to align their expectations with the reality of the market.
Wrapping Up: Navigating the Market with Integrity
In challenging market conditions, it’s easy to feel overwhelmed or unsure of how to proceed with stuck listings. But by focusing on building trust, having honest conversations, and guiding your clients with empathy, you can navigate these situations with integrity and confidence.
Use the PDC framework in your next client meeting and see the difference it makes. Not only will you help your clients make informed decisions, but you’ll also strengthen your relationships and build a reputation as a trusted advisor.
Let’s end the year strong and set ourselves up for success in the new year!
Ready to dive deeper? Watch Episode 117 of Coaching On The Go now and start implementing these strategies today.
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Caroline Bolderston
With over 20 years of industry experience Caroline has a track record of personal high performance and exceptional results. Taking her passion for Real Estate sales and her genuine interest in sharing her expertise to develop others, she was the creator of the Belle Property Academy which has delivered many $1M agents and high performing sales teams.