A more challenging luxury market creates a need for different tactics to navigate difficult conversations, from convincing buyers to move forward and to getting sellers to price their home right.
For Sarita Dua, principal broker of The AskSarita Team in Portland, Oregon, setting reasonable expectations with sellers is key. During a panel at Luxury Connect, she noted that the Portland market is normalizing, but sellers still “want what their neighbors got.”
“We’ll input listings on Thursday or Friday, and if there are not multiple offers by Monday, they think there’s something wrong with you, and something wrong with them,” said Dua. “But it’s not a sandwich, it’s a house. But that’s been the norm, and we have to reset that expectation.”
In New York, Dolly Lenz, owner of Dolly Lenz Real Estate, sees the opposite. “The expectation is that it will take longer,” said Lenz. “There’s less volume, so if you’re not on that [fast] track, the sellers are like ‘oh, you set the price too low.'”
Gary Gold, executive VP of Hilton & Hyland Real Estate in Beverly Hills, often encounters sellers who come to the table with their own set of comparables. “They look at the most expensive comp and think theirs is worth a little bit more than that,” said Gold. “And then you show up to deliver reality.”
Watch the full video above on Inman Select for tips on how to do exactly that.
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