Margaret Rome's Blog

head_left_image

Let The Seller Price The House

 

As a listing agent there are different ways to arrive at the asking price for a property. Sometimes sellers are adamant at what that price needs to be. Other times they will take our professional advice based on our market analysis and  expertise. When an owner is set on a specific number that may not be in line with reality...I try a little different approach.

 

  Using market facts, I include  recent sales,  properties under contract and those  that are currently on the market.

Compare to the seller's home and throw in the online estimates and zestimates. I even find out if they really did use the heavy duty nails in the construction.

When the seller is armed with all this information, I remind them how well they know the area since they actually live in the neighborhood.  

Then I ask them to change places and pretend they are the buyers.

" What would you pay for your own house? "

Listen to the answers and to their dialog.

 

Margaret Rome 410-530-2400

 Search All Active Listings

 

Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

signature

 

 

Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 

Comments

I many times will let the buyer set the price to show that they are wrong. Sometimes I am wrong

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 3 years ago

William Feela  The buyer ultimately sets the selling price.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 3 years ago

A wise approach Margaret, people are much more likely to embrace a plan when they help create it, setting their own price is key to this.

Posted by Bob Crane, Forestland Experts! 715-204-9671 (Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities) over 3 years ago

That's a different approach, Margaret.  But, I can see it working!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 3 years ago

I think the role playing idea will work for the more creative and open minds, but too often, sellers are just so focused on that special number and can't release themselves from that goal. Thanks for your post!

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (HomeSmart Realty West & Lend Smart Mortgage, Llc.) over 3 years ago

Good morning Margaret. I like your approach and bet it works most of the time.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 3 years ago

Margaret - get them to talk and then listen. I also use a simple chart of the neighborhood.  Homes that sold with prices - homes on the market now & prices,DOM - homes that failed with prices DOM to sell. Which group do you prefer to be in?

Posted by Anna Banana Kruchten Arizona's Top Banana!, 602-380-4886 (HomeSmart Real Estate BR030809000) over 3 years ago

                                           Featured in BananaTude Group!

 

Posted by Anna Banana Kruchten Arizona's Top Banana!, 602-380-4886 (HomeSmart Real Estate BR030809000) over 3 years ago

 

Anna Banana Kruchten, CRS Thanks for the feature in your terrific group.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 3 years ago

Hi Margaret - That's a really productive approach, and we have had excellent results with something very similar. I think the key is to listen hard to what they're saying - there are clues there for a happy resolution at least some of the time. Have a great weekend!

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) over 3 years ago

Dick Greenberg I find, for some, it is hard to listen!

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 3 years ago

Sage advice, Margaret! I completely agree and learned early on to make a point to remind the sellers that THEY are the ones setting the price. Many times they'll ask, "What are you thinking of listing our home at?"  I always answer that it's their job to prep and price their home.  I love your approach in asking them to put themselves in the buyers' shoes too - I need to include that in my answer...and, of course, LISTEN!

Happy Easter, Margaret!

Posted by Debe Maxwell, CRS, The right Charlotte REALTOR! (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) over 3 years ago

Happy Easter to you and your family Debe Maxwell, CRS 

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 3 years ago

Margaret- a feat approach. An agent I'd referred to a friend did just that- he showed her everything then asked her what you did. She named a price then beamed when the agent pulled out that amount he'd written on a slip of paper and had in his pocket. She took pride in having ownership of the selling process! H

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) over 3 years ago

Kathy Streib That agent understands this business...allowing the seller to a part of the decision.

 

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 3 years ago

Participate