Lisa, for me it depends upon if they are pricing where I recommended or not.  If I can tell that we are going to have to lower to get it sold, I put it in the listing agreement.

It depends on what the plan is for the Seller, I have dropped the price of a property frequently to keep up with the falling market.  Just yesterday I lost a listing as I told the Seller he needed to be priced $20k-$30k under the market to get it done now instead of lowing the price 6 months from now as then it will take a much lower price to get it done.  An Agent listed it for $50k more then I would have, in 120 days I will contact him to see if he needs some help.

Take care!

RJH

I tell all my listings that we will address the price in 2 weeks. But it does not mean we will lower the price. I think if the first two weeks look bleak that we will within the next two weeks. Then we will address it every 30 days until it gets sold. But you must let them know that this is how we operate so there is no confusion.

I agree with Thomas.  I don't generally let it go any longer than 30 days.

I monitor the market around all my listings continuously and send my sellers weekly reports so they understand what I'm seeing.  This helps them be prepared for price reductions and it makes for less stress and disappointments when it comes time to have that conversation.