Price reductions or goal adjustments?

We recently listed a home in Cody, Wyoming and the buyer wanted a slightly higher listing price than we recommended. It was a minor increase; not a problem. However, time went by without an offer.

We sat down with the owners to discuss the situation. They had moved out to facilitate short-notice showings and keep the home clean (multiple kids and pets). We could tell by their actions that they were interested in moving the home quickly because they had plans in another state.

So our question was, "What is your goal? Why are you really selling this home? Is it to make top dollar or to facilitate your move to another location? Is it more important to earn an additional $10,000 from the sale or to sell the home quickly?"

After a short discussion, they realized the true goal was to free themselves of this home so they could move to the next stage of life. They also wanted to try and settle before the school year starts, leaving us with an even tighter schedule.

I've learned that buyers and sellers tend to see things in terms of dollars and cents. When they want to sell, they can't see past our commission rate, as if a lower commission rate will automatically result in a bigger payout. This isn't necessarily true and it's our job to explain this to the client.

Instead of commission rates, we try to focus on goals. What is the seller really trying to achieve? How can I help them achieve this goal? Are they looking for a quick sale? Are they patient and testing the waters with the hopes of getting top dollar? Maybe they have no equity in their home but need something bigger and you can facilitate a trade. Once they understand how we can help them achieve their goals, then we can discuss commissions easier because they can understand what we bring to the table.

So what are your goals? How can we help you meet them? Whether you are buying, selling, renting or seeking property management services, we can help. Contact us today!