Wed, 17 August 2022
More and more price reductions are happening as the market continues to shift. So how do you do a price reduction? What do you do when a listing sits on the market too long?
1. START WITH THE RIGHT PRICE. It’s better to start with the right price rather than come in weeks later and do a price correction because the most motivated buyers have already seen and rejected it the first week it came on the market.
2. BE UPSET ABOUT IT BEFORE THE SELLER GETS UPSET. If the listing doesn’t sell 4-5 days after it goes on the market, have an honest conversation with your seller about the situation. When you let them know that you’re not happy about what’s happening, it shows them that you care and that you’re on top of things.
3. SHOOT STRAIGHT WITH THE SELLER FAST. Tell them that you have to do a significant price reduction ASAP so you can reach the most number of potential buyers.
4. KEEP IT ABOUT THE MARKET. It’s all about the market & what buyers are willing to pay.
5. GIVE THEM FAIR WARNING. Four or 5 days after it goes on the market, suggest doing a price reduction to your seller.
6. REDUCE THE PRICE SOONER RATHER THAN LATER. A listing becomes stale the longer it sits on the market. When people see that a listing has been on the market for so many days, they will wonder, “What’s wrong with that house?”
7. BIG PRICE REDUCTIONS ARE BETTER THAN SMALL PRICE REDUCTIONS. When you do a big price reduction, you reposition your listing on the market & increase your chances of getting multiple offers.
Most importantly, have certainty and confidence with your sellers to lead them to make sure that they get the right price for their home.