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Getting Expectations Right by Lee Woodward

What to say, What to send

Lee: I will start by contacting the buyers we have listed on our database who are in our price range. My plan is to contact them over the next few days to create some energy. Can I ask you Ken, what is your expectation of what will happen from here?

Ken: I would expect that maybe in the first week we would get 1-2 people through and at open homes 5-6.

Lee: Okay, so that would get us 7 parties through. Ken, let’s say the first person through wanted to buy it, how would you feel?

Ken: Well I would want to see it written on paper.

Lee: Let’s say we got an offer close to your expectation. What would you do?

Ken: If I liked the price I would take it.

Lee: Ken, I really hope you would do that because did you know that most people don’t? A lot say, “we should wait a week; if we’ve got that offer in week one, imagine what we’d get in week two." And in this way, they make a huge mistake. Did you know we’ve got hundreds of examples of people who sold for $30-40,000 less than they were offered in that first week?

Ken: No, I never knew that.

Lee: And Ken, after two weeks, if the right people aren’t coming through I know I’ve got to start communicating with people from a different marketing space. So the price we go to the media with will hopefully be the one that will draw the interest but if it isn’t, then I know I’ve got to start looking at a new group of people because pricing is a process where interest meets the market, and that’s what gets you sold. What I’m getting at here, Ken, is that we need to start at a figure you are comfortable with and then test the waters from there. We’ll meet weekly and assess what the marketplace is telling us and then take it from there. How does that sound?

Ken: That sounds OK


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