Change Your Dialogue to Frame the Market Correctly

Getting homeowners to understand that we’re no longer in a robust seller’s market needs to become one of your most important objectives in ALL communications.
The best way to do this is to create a clear distinction between today’s market conditions and those of a year or two ago.
My advice is to adopt this specific language: Start referring to previous conditions as the “Old Market” and today’s conditions as the “New Market.”
In some instances, you might need to dig in and educate the homeowner about the evolution of market conditions over the last few years to show how we got where we are today. Be patient, be willing to put in that effort, and always reiterate “Old Market” vs. “New Market.”
 

Pricing Analogies Are Your Friend

As homeowners witnessed properties in their neighborhood selling over the last few years, they’ve likely ingrained a certain value they believe their home is worth in their head. And inevitably, they’re going to say something like:
“I understand the market has changed but I want X price.”
My advice for this situation is to use an analogy that illustrates that today’s market will determine the price of their home – not the price they think they can get because a neighbor did 18 months ago.
Start by asking if they own stocks or are familiar with the stock market.
When they say yes, then pose this question:
If Netflix is trading at $270 a share, can you call your stock broker and say, “I want to sell all my Netflix stock at $500 a share today.”
No, you can’t. Because that’s not what it’s worth in today’s market.
Homes that are similar to yours are selling at X price.
 

Use This Great Pricing Objection Handler

Another statement you’re bound to hear from homeowners is this:
“Another agent said they can get me much more…”
When you do, use this script:
I could line up a thousand agents outside your door, but we’re all looking at same data and we’ll all come in within one or two percent of each other. So if someone is promising you much more, you’ve gotta ask yourself what they’re up to. Are they just wanting to take your listing to generate a bunch of buyer clients? What’s their motive?
This approach plants the seeds of doubt in the seller’s mind and gets them to understand what seems too good to be true probably is too good to be true.