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Real Estate Fight Club

4
Dec 2019

Episode 10: What To Do When Sellers Won’t Provide Their Opinion on Price

December 4, 2019

In Episode 10 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over what to do when sellers won’t give you their opinion of price. Learn Monica’s strategy for reminding them you’re a team and hear Jenn’s approach on how to figure out why they aren’t answering the question. This episode will demonstrate one of the reasons why having a pre-qualification questionnaire is a great tool to have in your pocket. 

Episode Highlights: 

  • What do you do if the seller won't give you their opinion of price?
  • Monica says she will give them her opinion of price but that it doesn't have anything to do with their opinion of price.
  • Most sellers have an idea of what their home is worth or what they hope their home is worth. That is an important piece of data as she comes up with a strategic price.
  • She will ask again what they think their home is worth.
  • It's a red flag for Monica if people won't answer that question. She does not want to work with difficult people. Why are they unwilling to share that with her? She has no fear of losing the listing. 
  • If they're difficult in a listing presentation, believe them.
  • Jenn asks, “I find that everyone has a price in mind that they feel their home is worth. What is yours?"
  • Jenn thinks that if they won’t answer this question, there’s a good chance they’ve had a bad experience.
  • Maybe they sold a house and told someone what they thought and then they felt taken advantage of.
  • She asks them directly if they’ve had a bad experience.
  • Jenn reminds them that they’re a team in this process.
  • Monica’s approach tells them from the outset that she has to decide if she wants to take their home into her inventory.
  • If you’re getting a lot of pushback on this question, consider your approach.
  • As a follow-up question, you need to ask what they owe.
  • Do they have any second mortgages? Have they talked about renovating recently? Do they owe any contractors money?
  • Have the pre-qualification questionnaire easily accessible in many places. Memorize it.
  • Many agents indicated that they do not complete a pre-qualification questionnaire.
  • Another way to ask this question is, “What are you hoping to net from the sale of your home?"
  • If they don't answer the question Jenn dives in and tries to figure out why.
  • Monica recommends assuring them that your opinion will be voiced regardless. Remind them you need to be a team.

3 Key Points:

  1. It’s a red flag when people won’t answer this question. 
  2. Consider that perhaps they aren’t answering the question because they’ve had a bad experience. Ask followup questions and remind them you’re a team. 
  3. Assure them that your opinion will be voiced regardless.

Resources Mentioned: