Price reductions are a critical part of the business if you’re a listing agent. I carry anywhere from 40-60 listings on any given time in most market conditions, and in order to get them sold it’s a must to have a price reduction campaign of sorts in place.
One thing I’ve found to be super helpful when talking with my sellers is to not refer to it as a price reduction but rather a price adjustment. Whenever we as consumers think of reductions it feels like we’re losing something. When we think of the word adjust it feels as if we’re making something better, and of course we naturally want to focus on making things better and not losing something, right?
Don’t allow your mind to play games with you and have you assume your sellers don’t want to adjust the price or won’t. I can tell you from experience time and again, they’re simply waiting for you as their professional to advise them of when and what to adjust the price to.
I work with a lot of expired listings and I can’t tell you how many times the sellers are more than willing to adjust the price when we go on the listing appointment and tell us they thought they needed to adjust the price but their agent never mentioned it or what’s worse, they never heard from their agent after listing the home with them.
The key to price adjustments is educating your seller on market conditions and revealing to them [...]