In the Sunday Columbus Dispatch, Sue Lusk-Gleich, one of the founding partners of Keller Williams Capital Partners was quoted in the article Prices That Add Up.  The article reviews what factors aside from the standard "location location location" affect the price of the home.  Some of those mentioned were:

•        Economic Stability of the Area

•        Crime Statistics

•        Government services

•        Schools

•        Community Services

•         Proximity to School & Work

•         Placement with in the neighborhood

But what happens when you've looked at all the factors to consider when helping your clients choose the list price of their home and it still sits on the market?  Well, it's time for a price reduction...an inventory blowout if you will.

You see at some point we all know that any objections serious buyers have about a home can all be fixed by price. 

The yard is too small...FOR THE PRICE,

The basement needs finished...FOR THE PRICE,

The house sits to close to the road...FOR THE PRICE,

And yes, the carpet is the wrong color...FOR THE PRICE.

We know that often that conversation is difficult to have with our sellers, and understandably can be uncomfortable depending on their situation.  But the fact remains that if the house is to sell we must reduce the price.  How long is too long for a house to be on the market before you need a price reduction?  I think we all have different formulas...what's yours?

One way we are helping our agents at Keller Williams Capital Partners address the issue of price reductions with their clients is by holding a "Price it Right" clinic in our training room on June 24^th. 

During this clinic we will be reviewing the listings our agents have that have been on the market for over 40 days and are not getting any showings or offers.  We will then put our heads together and try to get to the right price that will help those homes sell.  Once we have determined which properties need a price reduction, we will review "Words that Work" (also known as scripts and dialogues) to give our agents tools and information in helping their clients understand the need to reduce their list price.

After identifying the properties, and knowing how to effectively communicate the need for a reduction in the list price, we will begin calling our clients to discuss the common goal of getting their house sold, and what needs to be done to accomplish it.  So if your office isn't having its own "Price It Right Day" I encourage you to be the proactive agent in your market place and start having your own Inventory Blowout today!