How should an agent handle a price reduction? At Fykes Realty Group, we think of price reductions in terms of data, statistics, and facts. The selling process can be an emotional time for the seller, and you don’t want to make deals in terms of your emotions. You do, however, want to deal in matching their motivations.
Recently we had a house on the market for two years. I showed the sellers the data and worked to get them a price reduction, but they just weren’t that concerned about actually getting the house sold. We came to an agreement that as long as they were happy, we’d continue, even though we couldn’t spend any more money on the marketing process. Eventually, as I continued to present them with the data, they were more motivated and were willing to agree to the price reduction.
Ultimately, if a house has 10 showings but receives no offers, that’s probably an indicator that there’s either a problem with the home’s condition or with its price. You need to have honest conversations with your clients regularly about the traffic they’re receiving for their listing, but remember not to be forceful; they did, after all, hire you for your professional opinion. If the market is telling you that the house is overpriced, then an adjustment needs to be made one way or another.
If you have any questions about handling price reductions or how to best interact with clients in general, don’t hesitate to reach out to me. I’d be happy to have a conversation with you.
