Recently I received several price reductions on listings that had been sitting for way too long. Once I reduced to reasonable prices (which in the Florida market is below market, whatever that is) I received 2 contracts in one day!
These are the times when our faith, tenacity and determination are tested! As we march on hopefully we are taking the time to re-train, get back to basics and prepare our businesses to take them to the next level. In my almost 15 years of Real Estate I've learned to communicate openly and effectively with customers.
Those who don't want to face the changing real estate times are told in my most professional manner that they will wait and as prices continue to go down they will continue to wait. When I go on my listing appointments, I find tactful ways of telling sellers that price is the most important factor in getting their home sold and while my marketing is strong, if the price is too high, no amount of marketing will get their property sold if the price is not right. I recently cut out an article from a new publication that arrived at my home talking about just that. I now take copies of that article with me on my appointments.
I have found that when you are truthful, forthright and have conviction your customers (not unlike your children), will eventually follow. Don't be afraid to get the price reduction. It's not the agent that needs to sell the house; it's the seller. Many own 2 or more homes with mortgages and can't afford to hold on. They are simply in denial and need to be hit between the eyes with the most compassion you can muster. Those who don't want to listen, don't really want a professional handling their real estate affairs. Depending on the customer I either keep them in the contract and keep in touch monthly or tell them I'm not the agent for them. I don't simply list real estate, I sell it. After all, the truth will set us free!
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