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WHY DON'T AGENTS ASK SELLER'S FOR PRICE REDUCTIONS?

I see homes listed on the market here in South Florida for 180 days and more with no price reduction? Is the magical buyer fairy coming to purchase it? We all know that going to the seller to get a price reduction is like a dentist trying to pull teeth. This happen to me the other day at a price reduction of mine. I listed the home for the seller at 459,000 even after I told them in the CMA it was only worth 429,000. My first mistake, because I feared I was losing the listing over the price, I agreed to list it at their price. Of course I spent my money marketing it and no offers. I got a reduction on it as the market has continued to fall, and after a lot of work I have gotten it down to a realistic price.

My question is how can an Agent expect to get an offer on a home that has sat on the market for 180 days? Are realtors afraid to ask the sellers for price reductions or is their sign hanging there for advertisement?

Posted by Darin Haughie on 08/20/2008 12:11 PM

Comments (8)

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8 Comments on WHY DON'T AGENTS ASK SELLER'S FOR PRICE REDUCTIONS?

AUG

2008

It is the question I ask my sellers... Are we listing your house or selling your house. If selling let's get real... Good Luck.

You just show them the data and then ASK! If thye are not willing to be reasonable, move on and let someone else waste time. I do not understand why realtors are "afraid to be realistic.

I'm just sayin'...

This is a "toughie" -- it sounds like it should be easy, but homes are personal items, and sellers are rarely wanting "straight talk", asap, in spite of their supposed knowledge of change. Listings are important to have; maybe start with the idea (& get their signed agreement!) that after three weeks at "their" price, they agree to reduce to your suggested figure???

Hi Darin, I think many agents do ask for reductions but the seller resists. I've had that scenario myself ! And the seller just does not get it. Lately I have agreed in advance with sellers that if we get no offers within a certain window we will lower the price. Also, when on a listing appt and the seller is not realistic I put the as yet not listed property on our office caravan. The input from the caravan has a greater effect on the seller. Good selling to you !

Hi Darin. I have written about this before. I see some signs up for a year or more.

Seems ridiculous. Are they even trying to sell it or do they just like having a sign up??

Ken

In my market where it is mainly second homes, many Sellers don't care how long it takes as long as they get "their number". But, a huge problem is Agents agree to take a listings. If all Agents did not take over-priced listings, we would all be much better off!

David Knox says that there are those that want to sell, and those that want to stay!

Einstein's definition of insanity is someone doing the same thing day after day and expecting a different result. Don't inherit their insanity!

I only want motivated sellers and I am not afraid to walk away from a seller that I percieve to be unrealistic. If I do take a listing that is overpriced, I make sure the seller knows that it is overpriced and that I will be contacting them on a regular basis to drop the price. Imagine the possibilities if all agents would price the homes right or walk away if they won't price them right.

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