“If we lower our price, will we look desperate?” asked my client.

“No.  You will look like you want to sell your home…”

Keller Williams

Explaining pricing is a fundamental part of a Realtor’s job.  

When first sitting with a potential seller, I show them the comparable homes:

  1. That are on the market.
  2. That have recently closed.
  3. That have come off of the market without selling.

With the data before us, the client usually has a good idea of the reality of the situation…

And they still want to price it too high…  

Fine.  I find arguing with clients in poor taste as well as bad for business…

This is why I make price reductions a standard part of my “listing presentation”… 

Why?

Because I believe they are a seller’s best friend…

A few reasons:

  • Price reductions cause activity on the local Multiple Listing System(MLS):  New email alerts will be sent to buyers searching for a certain type of home.
  • “Buyers” that have already seen the home may be sitting on the fence.  The price reduction acts as a fisherman twitching a lure.  It can cause the fence sitting buyer to “strike” with an offer…
                                                          Fisherman Fishing with a Fishing Pole clipart

 

  • My listings should have a contract within 90 days or 10-15 showings.  If they do not, they are overpriced.  Price reductions will eventually cause a home to be priced properly.

So don’t fear the price reduction…

It might just be the key to selling your home.

Ken