As real estate agents, we’ve all experienced this scenario:
You’re working with a seller for an extended period of time who has high expectations. You’ve been working tirelessly, brought them multiple offers that they’ve rejected, and after a while, you believe that the sales process has run its course and you’re nearing the end of the line.
You’ve done everything you possibly can to sell the property and finally, a reasonable offer has come in. However, based on previous discussions, you are fearful that the sellers are going to dig their heels in and not accept it.
So, what do you do next?
This is when you need to book a formal appointment with them. In that appointment, you’ll be able to present the seller with all of the pertinent information you have collected and produced throughout the sales process.
This will include all of the vendor reports, containing all the gory details of why buyers haven’t been interested in buying the property. You’ll also hammer down on the buyer feedback indicating where they believe the probable selling price to be which of course is going to be lower than the seller’s expectations. You will also supply them with the marketing budget, clearly highlighting what has been spent and reminding them that to continue any further, they will need to invest more money in the marketing, getting them to feel the pain directly in their pockets.
It’s important that you ‘paint the picture’ for the seller in order to help them see reason on why they should accept the offer. If they still say NO and refuse to meet the market and sell the property, you have no alternative than to make it very clear to the seller that at this stage of the game they are left with 3 options.
The 3 Options
- Rent the property out
- Perhaps they can rent wherever they are going and rent out their existing property. However, in most cases, this is not an option. People are selling for a reason. They either need the money in order to purchase another property, or pay off bills, or to extinguish debt, whatever the case, renting the property out is not an option in most cases.
- Stay where they are
- Again, in most cases, they are unable to stay where they are. They are obviously moving for a reason, perhaps to be closer to the family, or to buy a larger house. You’ll find that 90% of the time, staying where they are is not an option.
- The seller must Meet the Market
- Once you’ve eliminated the above options, the only option left is for them to meet the market. You’ve provided them with an offer that will get them to their destination, whether it makes them happy or not. Usually, you will be able to get the seller over the line at this point.
However, if after being presented with all the facts and these three options the seller still refuses to meet the market, this is when you give them the Notification from Listing Agent to Seller Letter.
If you sign up for the Real Estate Intensive seminar with Ryan Thompson (FREE for the first 50 registrations) in your city, I will give you scripts for the 3 options outlined above, plus many more! Claim your ticket today.