Reducing The Price Isn't As Easy As It Seems
Selling Tips
Every week I review my listing inventory to see how competitive each listing is. Just because you were priced competitive when you came on the market does not mean you are still competitive two or three weeks later. New listings hit the market better priced than yours, your competition reduces their price to make you look silly, or one of your competitors sells and creates a new value for your home. That is why I have to consistently keep an eye on what is going on around me.
With that in mind, I when I call one of my clients to tell them that we are no longer competitive and we need to adjust the price to generate more activity, I'm not sure everyone understands what goes into a price reduction. Although some Realtors just reduce the price and walk away, that is not the proper protocol in my eyes. Just because you have a great price on a product if nobody knows about what a great deal it is, then what good is it? So this is the proper price reduction action plan that I implement.
_____ 1. Change the price on all internet websites
_____ 2. Change the price on 800 InfoHomeLine recording
_____ 3. Change the price on the Multi Listing Service
_____ 4. Change the price on all marketing pieces
_____ 5. Change the price on all company ads
_____ 6. Notify all agents who have shown the property and inform them of the new price
_____7. Call all buyers who have called off the 800 InfoHomeLine sign and inform them about the new price
_____8. Call all buyers who have called 800 InfoHomeLine sign in that price range and inform them about the new price
_____ 9. Put a "Just Reduced" sticker on the sign post
_____ 10. Let all agents in my office know about the new price
_____ 11. Door knock/call neighbors and let them know of the new price and ask them for referrals of family and friends who would like to move into their neighborhood
_____ 12. Let top 20/30/40 agents in area know of new price by email, fax or phone
_____ 13. Call/email agents who have written offers on your property/listings and let them know you want to work with them again
_____ 14. Contact any agents who have shown the property in the last 30 days and have the seller make an offer to the buyer.
_____ 15. Reverse prospect (from MLS) to all agents who have pulled up the listing for their potential buyers.
_____ 16. Withdraw the listing temporarily and list it as a brand new listing
_____ 17. Change photo and wording in all marketing
_____ 18. Monitor action/market activity on the listing for the next 7 days and if there are no offers/showing get together again to talk about having a price adjustment
*Photo courtesy of Riverman72 on Flickr
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