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163 Comments on 10 PRICE REDUCTION TIPS
Hey Ken,
Great Post on a HOT TOPIC!
Being a Home Stager, I like that you opened by saying a property should be "staged correctly"... but that is often not the case. Many realtors still hesitate to bring in a professional Home Stager, thinking they can "Stage" a listing themselves...or homeowners think a few hours in front of HGTV made them "Do It Yourself" experts, yet the cost of a professional Home Staging is always less than the cost of the first (and subsequent) price reductions. I've seen too many open houses with "Do it Yourself" staging that "Show well" but is so obvious to me, none were professionally Staged, and sadly even after leaving my card with the realtor I will drive past a few weeks later to see the big "Price Reduction" Sign hanging out front. Too Bad.
I'd love for more Realtors to realise the difference "Staged" and "Professionally Staged" can be.
Hi Ty, Valerie, Bill, Woody, Roseanne, and Chris. Thanks for reading.
It sounds like many agents already have solid systems in place to get reductions in advance. That is great.
I am still amazed how many time this post is getting read. Even several days later...
Thanks again everyone!
Ken
Ken- Have you ever had any problems with sellers who are not happy about #2- seeing a listing modification form, up front, before you even list the property? It almost makes it seem like you already have no confidence in getting the listing sold at that listing price, and are already preparing the sellers for failure.
Although I understand the need for preparedness, I think showing a seller a listing modification form in the beginning and telling them that there is a possibility they will have to reduce their price would not instill confidence in their brokers ability to get the job done. At least not in my market, this would go over very poorly.
However, there are occasions where the broker knows that the listing is overpriced, or will have much difficulty in selling, and at that point, it is good to prepare the sellers for reality...a price reduction, so they are not surprised later on.
These are excellent tips. We should all have a similar system!
No blog ever dies on the Rain. They spring back to life through reblogging. And, you will get your just reward for this one. Very well-written.
Hi Rose, Nicole and Don. Thanks for reading.
Rose, I have never had a problem. I believe it is in the presentation...
Thanks again,
Ken
Ken,
What do u do when it a good listing in great condition, started out at a low price because the client just want to get rid of it and there are no calls on the property? Thousands below assessed value and still dead in the water. Could it be priced so low that they just assume something is wrong with it; structuraly or something else? At a listing price of $162,000 for a 3 Br, 1 Ba on the Cape. I am lost for what to do with it now.
Deanna
OK, I'll bite...how is it your clients ask YOU for the price reduction?
Hi Deanna and Michelle. Thanks for reading.
Deanna, if no one is calling or looking, it is still overpriced...
Michelle, if I do everything right (including steps 1-10), my client understands the role pricing plays in getting a home sold. Sometimes it takes time, but they usually come around to the reality of the situation and lower the price...
Thanks again,
Ken
I enjoyed reading your post. We follow a lot of your values Ken.
It's my job here to do marketing for our customer's properties. I put a great deal of time and effort into making sure each property is advertised in as many places as possible and then I send reports out to our customers so they see their results of how many hits their property have had. I know the market isn't as good as it was 4-5 years ago, so that's why it's more important than ever that we show our customers how hard we are working to sell their properties.
Hi Bobi. Thanks.
There is so much we do that customers don't ever know about...
Alpine Lakes? Sounds beautiful...
Thanks again,
Ken
These are great tips. It is so important in this market to price properties correctly so that they will sell!
Great read Ken! Thank you!
Ken, great tips! I love #3! That is a great idea to keep them informed of what's happening in their area! Nice post!
Ken...all good tips to keep the sellers in the loop regarding correct pricing. It is imperative these days to educate the clients up front.
I think your approach is very good. Thanks for a great post. Having educated sellers is always a plus.
Hi Gene, Ann, Don, Herman and Sybil. Thanks!
Good to get some activity on an older post...
Price em right. Get em sold!
:)
Thanks again,
Kn
Great tips Ken... Love your positive, proactive, upfront approach. My rule is 10 showings or 30 days, whichever comes first! Keep up the good work!
Hi Jack. Thanks!
great post ken, i always love when clients ask to drop the price
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