Over the years I have gotten a lot of strange reasons from sellers why they think their house is worth more than the comparables suggest. Floyd Wickman, talks about this in his sweathog program, for newer practitioners this was a very successful and popular program 10-15 years ago, which I took by the way and got my very first listing while in this class. Floyd talked about the sellers with the “heavy duty nails” always wanting to overprice their home.
On a listing appointment I had some years ago in Westview, Pembroke Pines, after going over all the comparables with the seller, an older lady, she informed me that her son had told her it was worth more than my comps. I said to her “O your son must be a Realtor?” She replied. “No he was not,” An appraiser.” I replied. “No, he is a UPS truck driver.” She replied. I asked her what training he had received at UPS to make him an expert in pricing of homes; she replied. “He looks at many homes while making deliveries.”
Below are some other common objections you get and responses you can give.
Objection: We need to get more because we are moving to a higher priced area.
Well let’s hope that when you get to this higher priced area the seller of the home you like is not moving to Japan, some of the most expensive real estate in the world
Objection: Our home is close to the Hard Rock Casino.
So are all the homes I used in my comps.
Objection: We have a lot of money invested in our home
If you knew, you were moving would you have spent the money? More often than not they will reply no, because they knew they would not get it back. So why do you think you can get it back now?
Objection: I would like to retire early and need the extra money.
Objection: We would like to start high and come down
Explain that the most activity is early in the listing and they will never be able recapture the market when they do come down.
Objection: Could we try for a couple of weeks.
Yes, but not the first couple.
Objection: We can always come down.
Use the Fish Story or Price it Right in previous blogs http://marklyonupfront.blogspot.com/2008/03/fish-story.html
On a listing appointment I had some years ago in Westview, Pembroke Pines, after going over all the comparables with the seller, an older lady, she informed me that her son had told her it was worth more than my comps. I said to her “O your son must be a Realtor?” She replied. “No he was not,” An appraiser.” I replied. “No, he is a UPS truck driver.” She replied. I asked her what training he had received at UPS to make him an expert in pricing of homes; she replied. “He looks at many homes while making deliveries.”
Below are some other common objections you get and responses you can give.
Objection: We need to get more because we are moving to a higher priced area.
Well let’s hope that when you get to this higher priced area the seller of the home you like is not moving to Japan, some of the most expensive real estate in the world
Objection: Our home is close to the Hard Rock Casino.
So are all the homes I used in my comps.
Objection: We have a lot of money invested in our home
If you knew, you were moving would you have spent the money? More often than not they will reply no, because they knew they would not get it back. So why do you think you can get it back now?
Objection: I would like to retire early and need the extra money.
Objection: We would like to start high and come down
Explain that the most activity is early in the listing and they will never be able recapture the market when they do come down.
Objection: Could we try for a couple of weeks.
Yes, but not the first couple.
Objection: We can always come down.
Use the Fish Story or Price it Right in previous blogs http://marklyonupfront.blogspot.com/2008/03/fish-story.html
Objection: They can always make an offer Use the Fish Story or Price it Right in previous blogs http://marklyonupfront.blogspot.com/2008/03/price-it-right.html
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