What is an anchor point? And how can it benefit you when you're talking to sellers about getting their prices down?
Well, an anchor point is a way that we can help sellers recognize where they're at relative to the competition of the market. And what's gonna happen to them if they don't take action.
So let me give you an example:
If you have a seller in a neighborhood and you call them and you say:
"Hey, Mr. And Mrs. Johnson, I was hoping I'd have a conversation with you because I did a little research in the neighborhood, and I know we haven't had the activity that I've been hoping for. And so I'm concerned about getting the house sold. So I did some research. I know, you know, the property over on fourth street. It's been sitting in the market for a hundred days. I know you'd drive by it every day.
"And I did a little research on that one. It looks like they started at $600k and now they're down to $550k, but it's still sitting there. It's still stagnant on the market. It's kind of like the last sandwich of the deli counter that no one wants. And I don't want us to be in that same situation.
"And see what they're doing is they're chasing the market down and that's never a good thing to do because the market starts to just think there's something wrong with the house. And no matter what price you put it at, they still don't react to it. I'm gonna recommend something to you today. I want us to think about—and I want you to think about—really getting this price to a point where it's gonna immediately attract some attention. And get some buyers looking at the property while we're still relatively fresh on the market because new listings are in the market every day. And we know interest rates are rising. I don't want us to be here 30 days from now. I want you to be entertaining offers. And the number one marketing tool we have is your price."
Have that conversation because here's, what's gonna happen now:
You're gonna be able to not just set that anchor point...
...now they're gonna be emotionally triggered every single time they drive by that house.
Every time I drive by the house that deli analogy's gonna come into their minds and they're gonna say, "Oh, I remember what Jim said. I don't want our house becoming like that property. I don't want us to become stagnant. We better call and we better get this price down."
It's gonna stick in their crawl. They're gonna think about it. Okay. So there's an opportunity to maybe have a conversation with some of your sellers.
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