The market changes every day and sellers want more and more, creating overpriced listings. Sellers may not be prepared to hear the truth about market values and you must decide whether you want to take on the listing if you already know that it is overpriced. The sellers need time and patience to re-evaluate their unrealistic expectations. As time passes, their demands will diminish and correct pricing will result. 

Most agents reduce communication with sellers as time passes, embarrassed at the lack of activity on their listing. However, the correct track is to increase communication until the seller truly believes that you are working in their best interest. Give the seller time and provide proof that the property is overpriced.

Educate sellers about pricing. Help them understand the basics of pricing and the market value determination. Contact them regularly to inform them about market changes. Review the price every three weeks and suggest adjustments. Inform them of competing properties sold and new competition added, as well as market changes. For properties that have been sold, give them the addresses so that they can go and see for themselves.

Let your sellers know that you are observing the market and report the facts regularly. This will make them more receptive to pricing adjustments. Before getting new listings, ensure a process to steer towards price reductions for properties you have. Communicate with your sellers regularly and educate them about market forces. This will increase your chances of getting a price reduction.

Remember, timing is the most essential factor in the process of price reduction. Honest communication makes it possible for you to educate the seller about realistic pricing approaches.

For more tips on Real Estate Lead Generation and Selling Strategies, go to www.ExpiredRealEstateLeads.com

Real Estate, Business and Life Coach Cheri Alguire has partnered with hundreds of Real Estate Professionals and Small Business Owners to help them become more successful in business and in life. Coach Cheri specializes in Group Coaching for Small Business Owners, Working Mothers, Real Estate Agents and Managers. Learn more at www.NextLevelServices.net