😭 Seller won't budge on the price?!

THE UPPER CUMBERLAND MARKET UPDATE

We compare the number of New Listings and properties Under Contract in 2022 to 2023.

What do these numbers mean?
The real estate market is showing signs of slowing down as new listings have decreased by .6% and properties under contract have decreased by 11.7% compared to the previous year. This could be due to reduced seller confidence or a decrease in available properties. Fewer transactions reaching the contract stage could be attributed to various factors.

Agent: Sue Pecora 
MLS #: RR217201S
SOLD Price: $1,895,000
2684 Stone Seminary Road COOKEVILLE, TN 38506

Details:
This generationally owned property is a once-in-a-lifetimes find! With 107+ acres, this property truly has it all! A quaint farmhouse, a barn, a large pond, rolling pastures, an oversized garage with its own apartment with a back porch overlooking the pond and surrounding grounds. Enjoy the quiet sounds of the country, yet it's not too far from the city!

QUESTION: How should I talk to my seller about a price adjustment?

ANSWER: Proper communication is key to any successful relationship with your clients. By far the best way to get new clients is when past clients sing your praises and refer you to their friends and family.

If you’ve called them every week to give them an update on their home, they’ll be more likely to understand that, in order to sell, the price needs to be reduced. Will they be upset? Initially, they may not like what you have to tell them, but in the end they will understand that you have their best interests at heart.

Here are some tips:

• Regularly stay in contact with clients to build trust and professionalism.

• Schedule a personal meeting to discuss price reduction instead of digital communication.

• Explain why a price reduction is necessary by sharing market data and statistics.

• Use neutral language such as "price adjustment" instead of "price reduction" to avoid causing anxiety.

• When answering clients' questions, utilize the L.I.M.S. formula (Listen, Isolate, Mirror, Solve & Close) to address objections.

Use AI tools like ChatGPT, OpenAI, to enhance your property listings with better descriptions, more details, and improved clarity.

You can start with your basic ideas and ask the tools to rephrase, improve, and add to your text.

You can ask it to create your listings from scratch as well.

🤖Here are two listing description prompts you can copy/paste & use today to promote your properties:

1. Write 3 real estate listing descriptions for a property located in [location].

   This is a [type of property] that has [number] bedrooms, [number] bathroom(s), and is [number] sqft.

   Highlight this property’s unique features: [feature 1], [feature 2], [feature 3].

   Make this listing description attention-grabbing and exciting enough for potential buyers to want to learn more and contact me. Include some property or neighborhood details and perks that [target audience] would love about it.

You can also reuse existing content. For example, you can look up a property on Zillow and copy/paste the URL into this prompt. It will automatically pull out the property features and home prices and use the data in its copy. It’s truly a game changer for greater efficiency.

2. Write an attention-grabbing listing description for this property: [Insert Zillow URL]

Etsy Seller: GalaBoutiqueStudip
730 Sales, 5-Stars

PRICE: $21.41
(before taxes and shipping)

Why are closing gifts important?
These gifts not only leave a lasting impression, but also help to strengthen the relationship between the real estate agent and the client. Additionally, closing gifts can serve as a reminder of the positive experience and excellent service provided by the agent, encouraging repeat business and referrals. Closing gifts are an effective way to leave a positive and lasting impression on clients, fostering a strong and ongoing client-agent relationship.

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