HOW TO GET SELLERS TO PRICE IT RIGHT FROM THE BEGINNING - KEVIN WARD

Pricing power. When you know how to price a listing right, it sells, it sells fast, it sells for top dollar, and you win. Hi there. My name is Kevin Ward, the founder of yes Masters Real Estate Success Training, helping you get more yeses and more successes in your business and in your life. And this right here is the greatest challenge that real estate agents have when it comes to getting listings, and that is getting the seller to price it right. And when you price it right, there is nothing more powerful, both for you and for the seller. And so on today's video, I want to lay out for you today what I call the highball cocktail. How do you get sellers to price it to help them get highball offers and. And not low ball offers. And yes, you can do it. And after this video, you're going to know exactly how to do it. And it completely changes the game with working with sellers and getting them to understand and wrap their head around this. Well, we want to price our house for more. Let's try it high and come down. Because here's the thing that we all know, and that is that the reality is that a longer the house sits on, a longer house sits on the market, the lower the offers it tends to generate because it's just like a loaf of bread. When it sits on the shelf for too long, people start asking, what's wrong with that house? And I call it the www TH syndrome. What's wrong with that house? And buyers start asking that, and it sits on the market too long, then the offers that you tend to get, there's less buyer excitement. And so the offers tend to be lower. They either think there's something wrong with the house or nobody else wants it. And so they just do that. And what. When you help a seller, if you can just get a seller to understand it. Right. You know what I'm talking about. If you just get them to understand it, everything changes. Well, this video is going to give you some help. So here, and by the way, what I'm going to lay out for you here is something you can perfectly lay out for a seller on a legal pad at a listing presentation when they want to argue about the pricing strategy. So what is the pricing strategy? Here's the pricing strategy. You always price a house right. Right. Where it will sell and sell quickly. That's where you're going to price it. You're not trying to price it super low, and you certainly don't want to price it super high. In fact, if you're going to err and make a mistake, you Want to err on the side of pricing at low, not high. Now, what is the, the obvious reaction of every seller is, oh, if we're not sure on the price, we're going to price it a little high to play it safe. And what I'm going to tell you is, and you know this, probably if you're a real estate agent been around a while, you already know this. It's just, how do I convince sellers that when you price it high to play it safe, it ends up, you lose that initial time on the market when the most buyers are there, the most of an interested in it, it's new on the market and people could get excited about it. So that goes away, but they want to play it safe. Well, if you're going to play it safe, price it low, that's how you play it safe. Because if we price it a little too low, what's going to happen? All the buyers are going to get excited about it. You're going to get multiple offers, you're going to sell it for more money. And by the way, I have seen this happen. It happens not only in seller's market, it also happens in buyer's market as well. The question is, why does it happen, how does it happen? And how do I convince the seller that this is what is going to happen? So here's how you do it. Whenever a buyer comes into a house, a buyer has to like two things before they're going to buy it. Number one, they have to like the house, right? So I need this buyer to fall in love with a house because what? Look, if a buyer looks into a house and they don't like the house, are they going to buy it? And the answer is no. Now, we're not talking about investors, we're talking about homeowner occupants. If they're looking for the house of their dreams and they don't like the house, it's out. There's nothing you can do about it. If they don't like it, they're not going to buy it. They want to find a house they actually want to buy. So the first thing that's got to happen is they gotta like the house. Now let's say we have a house. They love it, it's awesome. Whoa. It's beautiful. But the house is overpriced. So what happens? Well, they look at it and they go like, we love the house, but man, that price, that price is ridiculous. That price is too high. It's 10% over market, it's 5% over market. And as you know, and you can easily communicate this to your sellers and is buyers know when a house is overpriced because they've got the same data used to information was hard to get. Today it's not. House is overpriced, they like the house, they don't like the price. What happens when they don't like the price? When buyers don't like the price, they start looking for reasons not to like the house. If you want a buyer to pay top dollar for a house, you need them to like both the house and you want them to love the price. When you do this, here's what happens. Number one, it causes them to slow down, right? They start, they slow down. They're going like, oh, I like the house. But man, that price, oh, you know what? We need to think about this. We need to look at some more houses. So it slows down the momentum of a buyer making a decision. And when they get slow, they're thinking about it. They're thinking about it and they're thinking about it. And so what happens next? The offers come in slow. And when they do come in, they come in low. Mr. Ms. Seller, if you want to sell your house slow and low, this is the strategy. We get them to love the house, and then they don't like the price, they're going to come in slow and low. However, what if a buyer walks, they see the house, they see it on the Internet, and this is an awesome house, and they love the house and they look at the price and go like, dang, that's a good price. And they love the price. This right here is the magic cocktail. When they love the house and they love the price. You want to sell a house, they got to like two things. They like the house and they got like the price, right? I don't care how much somebody likes the house, they're not going to pay a price that they're going to hate themselves for paying. So what happens here? Prices. The house is right for them and the price is right. They fall in love with the house. And so, man, they are hot on this house. Like, man, we like it. They want it. And whenever you got buyers hot, they also come in high. Now what do sellers want? You want sellers to bring it? You want buyers bringing in offers slow and low or you want sellers, buyers bringing in offers hot and high? Right. Here's what happens now. What causes this to happen, and here's what caused it to happen is the power of emotion. Buyers buy houses based on emotion, period. The power of emotion is Incredibly powerful. And this is the cocktail. What happens when they like the house? Well, we got the first emotion that we want, and this is the highball cocktail. The first emotion we have is we have the emotion of desire. They want it, right? They desire the house. They like it. That's a powerful emotion. Desire is an emotion we want. However, we have desire here, we have a desire here. But the problem is, here is we have another emotion coming in when they don't like the price. And they go like, man, we like the house, but we don't like the price. And we're afraid that if we make an offer on it, we're going to have to pay too much for it. And so you have this very powerful emotion called the fear of regret. Does that make sense? You have buyers that are now looking at a house and they're afraid of making an offer and regretting it. You've heard. We've all heard of buyers remorse, right? Buyer's remorse is a regret for taking an action. So now they like the house. They have the desire. So they desire the house. The desires there, yeah, we like it. But you take the desire and then you combine it. You take away from it with a fear of regret, and they go like, ah, we want it, but. And so guess what? They come in slow. And if they make an offer at all, they come in low. But when you put the cocktail in place here, you get the highball cocktail. Here's the highball cocktail. They love the house. They want the. They love that house and they love the price. So what is the emotion that kicks into place right here when they like the price? They go like, whoa, that is a great house. Whoa, that is an awesome price. We want it. So now I've got desire squared. I got desire for the house, desire for the price. I like it. I like it. But then a third emotion kicks in that trumps everything. And that is they're going like, wow, this house is nice. Whoa, that's a good price. Whoa. This house is going to go fast because what's going to make it go fast? Because it's priced right, they know that other buyers are going to be in here. They're going to find it, they're going to like it. They're going to be in multiple offer situations. So now they have another emotion, and that is the fear of loss. And, my friends, right here is the highball cocktail. If you want to sell a house for top dollar, you want to get the best results for your buyers. You want to get the best result, the best results for your sellers and you simply lay out for them the highball cocktail that when we get them to like the house and they love the price, they want the house. They like the price, they want it more. Now they're not afraid. And they see the, they see how good that is. They're going like, oh my gosh, if we don't act quick, we're going to get it. And what happens is now they're hot for this house and they realize we got to come in high. And when they come in hot and high, right here is how you get houses to sell for more money. There is nothing more powerful than the highball cocktail of real estate. Now, in the past, I've only shared this with my coaching members. I just thought, you know what, there's so many agents struggling with this that I wanted to share it with you to help you guys stop going out there and hurting yourselves and hurting your sellers by taking overpriced listings. Because when you get emotion with a buyer on your side, everybody wins. And this will cause you to win with every listing. Let me know what you think. If this makes sense, make sure you give the post a thumbs up. Put your comments and questions down below. If you haven't subscribed to my channel already, make sure you subscribe to the channel and master this.