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How to Reduce the Price?

July 15, 2011 by Gloria Keith

PRICE REDUCTION IDEAS… the market is changing. This in itself is not a profound statement! Of course it's changing, it always has and it always will be. At the same time it does impact your ability to get immediate results for your Sellers. It isn't so much that the "market is changing" that you need to be concerned… the key is to react quicker than your competition. Most Sellers feel that there is a "magic pill" to getting their homes sold. Everyone has pride in their home and they feel that everyone else will be thrilled with what is being offered. The reality is that everything has a price at which point it will sell. For example, a great location vs. a bad location must always be reflected in the price. So how can we help our Sellers understand this more easily?

Here is your ACTION STEP… if you have a listing that is not selling, the price needs to be addressed. Here are some ways to help your Seller understand how you know that the price is too high. Share these indicators with them:

1. The number of "hits" on your website or on the MLS website for their home.

2. The number of sales in their price range since you listed their home.

3. The number of new listings that have come on the market since you listed their home.

4. Details regarding homes you have inspected that are comparable to theirs.

5. The number of showings on their home and the number of offers.

It is not uncommon for a Seller to complain that, "All you ever do is talk to me about the price… we need more blah, blah, blah". Share the data from the above 5 points, help them understand that the Buyers are passing them by because they do not see the VALUE in their home. The Seller needs to know that you're on their side. Support your advice with the above information and you will get the necessary price reductions faster. Be strong, be professional, be empathetic and help them get more offers. That's why they hired you. NO Excuses.

Filed Under: Blog, Sales Training

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