One of the most important reasons for not proceeding with a contract altogether is stumbling upon a seller with unrealistic price demands. For some reason, these sellers feel that their house is worth much more than it actually is. Expert advice from real estate executives such as Adam Hochfelder can bring perspective into the way this happens in the first place.
But even if such thing happens, you really can’t blame the seller. Most likely they are uninformed and are only looking out for their best interest, which is to get the most money possible.
Maybe even the city’s assessed value of the property is higher than what it is actually worth, and they’re basing their price on that. Or maybe the neighbor from across the street got his asking price, so they think they can it too.
Another option that Adam Hochfelder finds it possible, is that a family member is telling them what they think it’s worth, even though they might not be totally unfamiliar with the market.
What all of this things taken into consideration, Adam Hochfelder will try to unlock the secret of happy motivated sellers.
First of all, we need to understand that the real estate business revolves around human nature, psychology, and affinity.
That’s why making a good deal with the sellers has a lot to do with creating a good rapport. If you’re engaging in a debate, it’s harder to get that affinity, which will lead them to put up a defensive guard as they deal with you. That is not something we want.
Over the years, Adam Hochfelder has developed a few strategies to get sellers to a realistic price range, but for now, he will give you one simple and effective strategy that brings most sellers to reality quite quickly and has allowed him to put together deals that many other people couldn’t. The strategy is to bring over printed comparable sales.
Here is the exact process of how this works. It initially starts on the phone when the appointment to look at the house is being set up. Then you ask them for a rough idea of what they have in mind for the price.
At this point, it doesn’t really matter how high it, knowing it can come way down once you implement different strategies. The idea is to simply establish where they’re at. Based on this conversation, you can already conclude that they’re looking to sell. Once you find out that, you have a chance of bringing their price way down.