How to talk about price reductions – Texas REALTORS®-2021十大正规彩票app

November 01, 2024

Your sellers expected offers by now. You believed the home would attract more interest, too. Whatever the underlying reason for the lack of activity, the time has come to discuss a lower price with your sellers. Here are some considerations:

Set expectations from the start

Many agents touch on a possible reduction when initially setting a price with the sellers. You can emphasize that current conditions support your suggested number but explain that markets can shift. Ultimately, what matters is how buyers react to the home when it hits the market. You can take uncertainty and emotions out of the equation by suggesting a schedule of when to revisit the price—but only if necessary—based on the number of showings or offers over a specified period.

Communicate early and often

What seller doesn’t dream of a full-price offer the day the listing goes live? The longer you let that belief linger, the harder the news will hit that the property isn’t attracting the expected level of interest. You can preempt that big disappointment if you provide your sellers regular updates on showing activity and responses from buyers who have toured the property.

Bring data and feedback

It’s not enough for sellers to know they haven’t received an acceptable offer; they want to know why. You can answer that question with the latest market activity, highlighting recent changes in sales, pricing, inventory, interest rates, and other factors. (You can get accurate, custom data from MarketViewer at ebasd.com/marketviewer.) Combine that data with the number of showings and specific feedback about their home to give the sellers an even clearer picture.

Put the decision into context

You may want to bring up the sellers’ initial goals, especially if they wanted a quick sale. Other considerations include carrying costs on their current property and their desired timing for moving to their next home.

While the decision to reduce the asking price rests with the sellers, you can help them attract more interest and an offer with data, communication, insights, and guidance.

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