The Toughest Conversation in Real Estate: Talking Price With Vendors 

Let’s be honest: if there’s one part of our job that can keep even the most seasoned real estate agent up at night, it’s the value conversation. 

And here’s the truth we all know but rarely say out loud: we’re not property valuers. We represent vendors and market homes to get the best possible outcome, which absolutely includes price. 

But the process of setting and communicating that price is a nuanced dance. 

Why We’re Not Just Valuers 

Valuers come in with data and formulas, but we come in with relationships and market instincts. 

There’s a difference. There’s emotion, there’s timing, there’s luck. 

Sometimes two properties that look identical on paper sell for wildly different prices because of a single emotional detail a buyer falls in love with. 

That’s the human side of real estate. And that’s why, even though we use all the comparable sales and data we can, we sometimes miss the mark. 

The Vendor Expectation Gap 

Here’s the kicker: most vendors think their property is better than it is. It’s just like that old joke that 90% of drivers believe they’re better than average drivers. 

Everyone loves their home. And when we walk in and say, “Look, based on the market, your home is likely in this price range,” it can feel like we’re bursting a bubble. 

Our job is to handle that with care. The best agents know how to communicate value without dashing hopes. We must give vendors confidence that we’re on their side and working to get them the best price – while also being realistic about what the market is saying. 

A Real-World Example 

Let me share a story. We once had a property on a fantastic block of land – unrenovated, in a prime spot, and incredibly hard to value. 

Different agents had given the vendors estimates ranging anywhere from $4 million to $10 million – talk about a range! 

The vendors initially hoped for $6 million but were motivated to sell and happy to meet the market. 

At the end of the campaign we had six offers, held a boardroom auction with three bidders, and the property sold for over $5 million. 

And you know what? They were some of the happiest vendors we’ve ever had. They realized their initial hopes were ambitious, but they saw how hard we worked and were thrilled with the outcome, because they knew that we had fully tested the market and delivered the best possible price achievable at that time.

That’s the art of what we do: bridging that gap between expectation and reality with empathy and honesty. 

Ultimately, this is where the art of our profession shines. We’re not here just to put a number on a home. We’re here to guide sellers through a complex, emotional journey and to stand by them, even when the number isn’t quite what they hoped. 

That’s the skillset that sets a great agent apart. And if we do it right, vendors will see that we’re not just there to give them a figure; we’re there to fight for the best outcome, whatever the market ultimately decides that is.

Feature property: Penthouse at Windsor Park