By Tamar Asken
It never fails, I show a new listing and the first person who walks in asks if the seller is flexible on the price. Let’s consider why this is an absurd question to ask on the first day a property is on the market: The seller has just gone through an extensive process to prepare for the sale, probably involving months of decluttering the accumulated stuff of life, taking down proudly displayed art projects by their kids, walls of family photos, and bins of dog toys; they have repaired all the cracks and scuffs, and stains, repaired lights, replaced broken tiles, cleaned the gutters, and planted new flowers; they had the place deep cleaned and staged, had professional photography and marketing materials created; they’ve chosen a pricing strategy and mapped out a schedule of open houses. So now, after all that, they are finally ready to show the place to the public and see how well they can do.
Usually, we want to expose the property to as wide an audience as possible, and we plan at least a couple of open houses. The idea is that if we took the time and made the effort to get the place really ready and looking good, and if we priced it right, we should get some good activity, and have some interest. With a strong presentation and some luck, we might get multiple competing offers, and the price might get pushed up. This house is the seller’s biggest asset, and they need to do as well as possible with this sale in order to buy their next house, or pay for their retirement, or their divorce. Everything is riding on the success of this sale.
Sure, after a few weeks, if there have been no offers and fewer people are calling to inquire, then you can ask me if the seller is willing to consider a lower offer. But not on the first day. If you want to try and get a better deal, don’t ask for it on the first day. Wait to see if the seller gets their price and if they don’t get it, you might have an opportunity. But if there are offers — good, strong offers, from nice qualified buyers — then no, the price is not flexible, because why would the seller sell to you for less than what others are willing to pay?
