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.