YESTalk-154 - How to Overcome This Killer Pricing Objection

Welcome to Kevin Ward's Yes Talk for Realtors. This is Kevin Ward. You've got an expired. We all know that the number one reason listings do not sell is because they are overpriced. Today's objection is how to handle an overpriced expired when they know they were overpriced and they go like, okay, so all I got to do is reduce the price and anybody can sell it. Right? So here's the. Here's a question. It was actually a question from one of my coach at one of my. On one of my online courses from one of our yes. Masters. This is most of the expired. Most expired listings in my market are usually expired because they were overpriced. I love your response to we are going to use the same agent again. But I find that when we get to pricing them, realizing that it was overpriced, I get different variations of, well, I'm just going to lower the price. I'm just going to lower it to that price and I'm just going to use the same agent again. Because the agent strategy was not the problem. The agent strategy was not what needed to be changed. It was the price. Or they could say, I'm just going to lower it to that price and I'll just sell it myself. Or anyone could sell it at that price. How would you handle these objections? All right, so that's the scenario. You've got an expired. We all know that the number one reasons that listings do not sell is because they are overpriced. Now, there's so much wrong with this. The question is great, but there's so much wrong with the thinking that you run into when you deal with a seller who is an amateur seller, which means they don't have a clue not only about why house didn't sell, but they also don't have a clue about how to get top dollar for a house. So in the first place, and I'm going to give you some objection handlers in this, but I'm also going to give you some explanation that's very, very important in the first place. There is a whole lot more to getting a house sold for top dollar than just pricing it. Right? Okay. So number one is there's more that a seller wants than just getting it sold. They almost always want it to get sold for the most money, right? So they don't just want to sell it, they want to sell it for the most money. That's why they're going like, well, if I'm. If it's overpriced I got to reduce it. I can use my same agent again, or I can use any agent to do it for that matter. Or I don't even need an agent, I can just do it myself. Because their thinking is that, well, if the price was a problem, then I fixed the price. And that's the problem. Because they don't realize that strategy, they don't realize that skill, the skill of the agent actually matters. So here are just some of the things you need to understand going into this. This is a lot of this is stuff we train in. My advanced training with my coaching members and all of this. But number one is that it's more to getting a house sold and getting it sold for top dollar. There's more than price. It requires the right preparation, it requires the right pre marketing, it requires the right market positioning, and it requires the right pricing to get the most money for a house on the front end. However, getting a seller the most money for the house is not just about what you do on the front end. In other words, it's not just about pricing and marketing. You see, it's what happens after you get an offer. That's the second phase is what happens after you get an offer and during the offer negotiation and even what the agent has done pre offer to position the house to get the best offers and to then get it once you get the offer to negotiate that offer to the highest sales price. And number three, even more than that is just as critical is what happens post marketing and post negotiation after the offer is accepted by the seller. You still have a lot of ways that a seller can lose money. And it takes a skilled agent who understands how to do stuff on the front end and prepare the house for the market and how to prepare the seller for the pricing and all of that. That protects the seller's equity after the house goes under contract, after it's pending or escrow is open, once you're in the you're in the inspection phase and all that kind of stuff, there's still tons of money that a seller can lose. And a great agent knows not only how to get it priced right at the beginning, how to sell, get it to sell, but also knows how to protect the seller's equity on the back end so that you get the most money in your pocket. All of that is simply to say that the question that this agent is running into the objections is all comes down to one idea and that is that pricing is the only thing that matters. And it is far from being the only thing that matters. And if you're an agent who just thinks you price it right and it's going to get the seller top dollar, you then you. That just, that's. That is amateur thinking. All right, so all of this is advanced training. I do this in my coaching is helping agents understand that there's way more than just price. Okay, now let's just. But however, that's the objection. So let's just deal with the objection in this video. So you get a great objection handler for them saying, well, if it was just the price and we're just going to lower the price and go back with the same agent because they. Agent did a great job. They did. Their strategy wasn't the problem. It was just overpriced. So we're going to just lower the price and go back with the same agent or we're going to do it ourselves or anybody could do it or whatever. All right, so here's the way you handle that. Objection. So first. So I. That makes sense. So let me just. I'm just curious, why was it overpriced? I mean, whose fault was it that it was overpriced to begin with? Now, a lot of times the agents are going to say, well, it was. The seller is going to say, well, it was my fault. You know this. The agent showed us the comps. They tried to tell us and we wouldn't let listen, and we did it our own way. So one potential issue is the seller goes like it was our fault. The agent told us so. They were right, we were wrong. So now we're just going to stay with them because after all, if we had to listen to them at the beginning, then we had got it right the first time. So how do you respond to that? So let me get this straight. If you went to a doctor and he or she misdiagnosed you or gave you the wrong prescription that actually caused you to get sicker, or because he wanted to follow your advice instead of his own expertise and his own training? I'm just wondering how professional and how skilled would you think that doctor was after they misdiagnosed you and mistreated you because they followed your advice instead of their own training and expertise? Does that make sense? I mean, hello, Think about it. If you're a professional, why in the world would you go to a doctor and be okay with them misdiagnosing you on purpose just to keep you happy? Doctors don't do that. Amateurs do that. Scam artists do that. But professionals don't do that. I'm being A little passionate here because I want you to get it so that you can stand up to this stupid objections you get and not go like, oh, you're right, I don't know what to say. I'm stumped. Here's the reason you're stumped. It's because you're an amateur. Sorry to be so blunt, but I just think in the industry, there's too many agents out there who get their license and think they can just go out there and make it. And you need to be understanding that for you to understand how to win, and especially in a market full of disruption, you're gonna have to master some stuff. That's why I have a company called yes Masters. We train agents how to be able to not only overcome these objections, but how to get better results so they don't have the objections. Alright, so now let's go to the second angle of the objection. And that is if you say, well, so I'm curious, who's. Whose fault was it that it was overpriced to begin with? And they go like, well, it was. The agent told us, you know, I mean, they just, I think the agent just made an honest mistake. They thought it would sell for more. We agreed with them. We thought it'd sell for more. And obviously the price was wrong. Okay, so now we got a situation where the, the agent believed that the high price would get it sold, and they were right. Okay, so, so let me get this straight. Let me ask you this way. If you were sick and you went to a doctor and they misdiagnosed you and gave you a treatment that actually made you sicker, and you thought it was the right treatment, you went along with it, and they thought it was the right treatment too, but they made a mistake and they misdiagnosed you and you got sicker. Why would you go back to the same doctor again after you had to go to another doctor to even figure out what went wrong? I mean, does that make sense? Hmm? I mean, look, that means you had a seller, an agent who didn't know how to price a house, right? And even worse is if it took them four or five or six months to figure it out, why would you trust an agent who misdiagnosed you, wouldn't trust a doctor who did it. You're talking about a 2 million dollar asset or a $500,000 asset, and you've got an agent who didn't know it. Here's the deal. The reason that every one of my listings sell for top dollar is because I Realized that the pricing of a home when it first goes on the market is too important in terms of getting you the most money in your pocket to ever take a chance on mispricing it. I'm telling you, overpricing is the fastest way for you, Mr. Seller, to lose money. Because all it does is it makes the house sit on the market. People start looking at and looking at it going like, what's wrong with that house? I call it the WWW TH syndrome. What's wrong with that house? Because it's not selling. And if they know it's overpriced, it's even worse. So when people do come in and make offers, they tend to make lowball offers because they know it's overpriced. And if they're going to get it, they got to really come in low to get find out if you're realistic. It hurts you when you do that. And even worse, this is just another angle. Even worse would be an agent who will list it at the wrong price just to make you happy and get the listing knowing that it was overpriced at the beginning. Right? I mean, wouldn't that bother you? I mean that would be like the doctor who misdiagnosed you on purpose knowing they were putting you at risk. Why would you want to go back with an agent like that? You wouldn't, would you? You see, the reason every one of my listings sell and every one of my listings sell for the most money is because I understand strategies. Almost the front end of making sure we price it right, we position it right, we pre market it right, we, we prepare the house right and we do all the things so that on the, on the front end we get the best offers. In the middle I negotiate to get you the best price and on the back end I protect your equity so we don't lose money during the inspection phase when a lot of sellers lose thousands and often tens of thousands of dollars because their agent didn't know how to protect their equity. That's what I do. If you want the most money in your pocket, which I'm assuming you do, right? That's why you want to talk to me. Alright. So I hope that helps you guys understand. There's a. We covered a lot of stuff in one objection. I wish it was just as simple as, okay, here's the objection, here's the answer. And it's just not that simple. It's about mastery. And so if you like the video, please give it a thumbs up. Post your comments questions down below. I'd love to get that feedback if you have not. If you're new to this channel, make sure you subscribe to the channel and commit to mastery. Check us out. Yes Masters realestatesuccesstraining yes masters.com come to one of our events, sign up for one of our courses. Get training so that you can master getting the best results, and in so doing, you'll master getting yes. Hey there, it's Kevin. Did you like today's podcast? If you did, be sure to subscribe to the next one and tell a friend about us. If you want more free training and resources that are the best to help you get more Yeses with no BS, visit me@yesmasters.com until next time. Remember every day to embrace life, engage opportunity. Always expect Yes.