Luxury real estate is a long-term play. This means that you need to always be communicating with your client.
However, no matter how well you communicate with your sellers, sometimes a listing just drags in the market.
Maybe your sellers are not realistic with the price. Maybe the market is slow where you are.
Coach your seller
The way we do that is through what we call “future pacing”.
For example, you have a listing that has been on the market for a while and you believe the price needs to come down. What would happen if you told your seller, “You need to cut your price”? They would resist your suggestion and the relationship would likely be strained and go downhill from there.
However, if you were to ask your seller, “How long has the current slowdown lasted?” or “How long has the current market situation lasted?”, then you would be leading them to find a solution and be open to other suggestions.
Ask your seller
When you ask your sellers what their perception is of the situation, you can then give them information based on their answer. It reinforces what they believe, or give them better information so they can come up with a better answer to sell the listing.
Remember – ask questions, don’t tell. Let your seller come up with the answers by coaching them. When this happens, it makes it easier to guide them to solutions to help with the listing and the meeting is likely to be more productive.
In conclusion, communication is the absolute key to keeping your listing in any market. Encourage sellers to think about where the market is, and where it’s going to be headed. Do this and you’ll be on your way to selling a stagnant listing.
Until next time, make it a great week.