Tuesday, November 16, 2010

Tips for Advising Clients About Price Reductions

To attract more buyers, your clients need to be realistic about pricing their homes. This process can be smoothed out if you pursue the following options:

1) Push for signing a commitment for a price reduction for a future price and date. If you do discuss this but don't get a signature, you will have at least laid down the foundation for a discussion regarding reducing the price at a later date.
2) Have sellers meet at your office periodically to discuss their property’s price and showings. By getting them to your office, you have control and invest less time. Meetings will be short, and you will save drive time.
3) If these strategies fail, send them a final letter. Write that you have included a price reduction form with your recommended price and a form to cancel the listing. Ask them to sign one of the forms and send it back.

More suggestions, including handling clients who insist on overpricing the properties at the start, can be found in this Total Real Estate Solutions Article.

If there are certain other strategies you employ in this situation, feel free to share them with us in the comments section.

Photo Source: U.S. Army

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