How do you negotiate a price reduction with a stubborn seller?

The worst thing you can do is stay right where you are and hope for the best

Often when real estate agents take a listing, the agent has a price in mind, the seller has an often higher price in mind, and they are lucky to meet in the middle.

After being on the market for 30-60 days at a higher price, the offers aren’t coming and the seller is getting anxious. So what do you do? Negotiate for a price reduction.

Here’s what I like to do:

  • Kill them with kindness
  • Prepare the comps to show that it’s priced above market value
  • Kindly ask for a discussion, and let the sellers know that at the end of that discussion, you will carry out their wishes

Peter Lorimer is the CEO of Beverly Hills, California-based PLG Estates.