My MLS has an agent who does that on ALL of her properties EVERY day. 

And to answer your question...

It's annoying.  :-)

Wow that is interesting. I wonder why they think that is going to work. Maybe if they reduced it by 1000.00 a day.

I can't speak for your buyers, but if I received those daily updates I would consider it SPAM, and that property would fall lower and lower on my list of possibilities.

If we set up our clients on Autohotsheet New listings and Price reductions show up and they are emailed the changes once a day. By this agent doing this they are making sure that their house is on that list everyday. IT might be a good idea... but once a week would do the same thing. And then you have to ask yourself about value. How long was this reduction going to last? I think it would ultimately hurt the client. Hmm. Who knows.

I think a savvy buyer would get the picture QUICK.  It makes it a nuisance, and believe me, with the general public's opinion on real estate agents, the last thing we want to do is make a nuisance of ourselves!

Recently our competitor offered a variety of their properties for sale at 10% price reduction for a 10 day period of time (bear in mind the ads ran well into the 10 days, leaving only about five days for folks to take advantage.)  They ran special ads and it was very catchy.  It gets buyers to look over the listings but maybe even more importantly in my market, it got the sellers thinking "price reduction could result  in faster sale."  What a concept.

I believe in thinking outside the box and I think this idea warrants more merit than a $5 a day reduction.

Seems like a waste of time. If I had a buyer interested in the property I would offer a very low price. This sounds like a desperation strategy.

I think Rosario has a point.  At some point, any one on an automatic email will begin to see the game.  It might hurt the property more than help it.  Now, doing it every two weeks might be more effective?  I haven't played that game yet, so I don't know.

Gail - Our system works like that, too.  My contacts can receive daily automated e-mails on the listings that meet their criteria.  Their impression is that I'm sending the e-mail.  As an agent I'd certainly warn them of this situation, no need for them to receive daily e-mails on a house that they may have already taken off their list.  It's an easy way for a useful tool to lose its effectiveness.  I vote for annoying!

Hi Gail - I think this is clearly an abuse of the system and a disservice to the buying public. Another issue is that any changes to the listing, including price, require signatures from the seller. This could probably be accomplished with one change order that says "reduce price $5 per day until an offer is accepted", but that still doesn't strike me as a smart marketing strategy.

Gail, someone over here was working the system like that and the same listing kept coming up day after day.  My client finally called me and asked if I could do something about it.  I called our MLS and found out the agent was gaming the system.  They sent out a cease and desist letter and that was the end of that.  Isn't it amazing what people will do to try and get around the system.

Interesting approach!  $100 doesnt seem like much, I agree. If the reduction was closing to 5G and the reductions whas 100 a day.. That seems like it would get some attention.

Very interesting and very annoying. 

Interesting game... I wonder if they have signed documentation for all those price changes. In Texas, does the real estate commission review price change documentation? I am sure they do - here in Missouri, you'd need a document signed by the seller for each price change... Guess that brings up another question - does the seller even know what the agent is doing?

Gail:

I think he is risking annoying both agents and clients. Having said that, it is thinking outside the box and I do applaud that.

What you are watching is a sick mind at work (lol). I wonder how he broach this creative marketing plan to his Seller. The good thing is, if it stays on the market for a year, it will be a reduction of a $1,800 or so. Warning to Seller: Forget about packing.

Please pass this confidential message to the Agent:

It is a one-piece heavy cast iron, California frying pan with his name engraved on it.Beat some sense into him!

In our MLS system, price reductions result in a "$" symbol in front of the listing which gets noticed by agents .  Many agents here don't even bother to set up the automated "Prospect Gateway" (probably a lot like Debbie's AutoHotSheets).

There is a listing down the street from me that is being reduced $1,000 each week.  I have a buyer who has had me draw up 2 offers on this home over the past 3 months.  Each time the seller refused to counter. He's now within striking distance of our last offer and I'll be he wishes he would have started a dialog with us.

Creates motivation....if a Buyer thinks they can make a lower offer......make it! I love the idea. Who cares if its annoying....so are commercials on TV.

I have a seller that we are reducing it $1,000 per week. Seems it could be smart....I don't think $5 is enough to generate interest but we actually advertise it will be reduced by $l1,000 a week until it sells....gets people thinking they should see it or they could lose a great deal.

Michelle