As real estate professionals, we often find ourselves in a common yet tricky aspect of real estate: pricing properties accurately and strategically. It’s a fine line between setting realistic expectations and maximising the potential sale price.
Join me in Episode 109 of Coaching on the Go as we dive into the nuanced world of pricing strategy and how it can make or break your success in real estate.
Click to watch the video below to learn more.
In Episode 109, you’ll learn how to navigate the complexities of property pricing with both realism and optimism.
Watch the video now!
As real estate professionals, we often find ourselves at a crossroads when discussing property prices with our clients. Our clients seek honesty and realism, urging us to provide them with a price that reflects the true value of their property. However, we also face the challenge of not limiting their possibilities. A phrase commonly used by agents encapsulates this dilemma:
“Mr/Mrs Vendor, if it’s out there, I’ll get it for you.”
This is typically said after presenting a conservative price estimate, aiming to manage expectations while leaving room for optimism.
The issue here lies in the conservatism of the estimate. Few vendors appreciate the idea of their agent adopting a conservative stance during negotiations, as it inherently feels limiting. The question then arises: How do we navigate this delicate balance?
Shifting Focus from Conservative Estimates to Potential Possibilities
The solution may lie in shifting our language and focus from conservative estimates to discussing potential possibilities based on reliable data and statistics. Instead of anchoring our clients to a conservative figure, we should engage in conversations about what could be achievable in the current market under the right conditions.
This approach allows us to explore the art of the possible, setting the stage for more optimistic outcomes without sacrificing realism.
Recognising and Avoiding the “If It’s Out There” Trap
Using the phrase “If it’s out there, I’ll get it for you” is a red flag, signalling that the client may already be disappointed with the conservative estimate. It’s a cue for us to change our strategy. Rather than reassuring clients with this line, we should instead focus on creating a dialogue around the possibilities that exist in the market, given the right climate, conditions, and interest from multiple parties.
Strategies for Maximising Potential Price
Our goal should be to position our clients’ properties in a way that attracts multiple interested parties. This is where the true potential for achieving the best possible price lies. By fostering a competitive environment, we enhance the chances of surpassing initial price expectations.
This requires a keen understanding of the market, effective marketing strategies, and the ability to engage and negotiate with potential buyers effectively.
Summary:
In Episode 109 of “Coaching On The Go,” we delve into the challenge of navigating the complexities of property pricing with both realism and optimism. By focusing on the possibilities and positioning our clients’ properties attractively in the market, we can shift the conversation from limiting conservative estimates to exciting potential outcomes. Remember, the next time you find yourself reaching for that familiar phrase, pause and consider a more positive approach. This shift in perspective could very well change the dynamic in your next listing meeting and ensure you’re not losing out on price.
FOLLOW ME ON:
Facebook: beingboldcarolinebolderston
Instagram: carolinebolderstonbeingbold
LinkedIn: company/being-bold
Being Bold – Caroline Bolderston
Take Action & Breakthrough
Other related posts Navigating New Beginnings: Strategic Decision-Making for Real Estate Agents
Caroline Bolderston
With over 17 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.