Q: Denise, I just hate talking about price reductions with my sellers. In fact, I get sick to my stomach for days before I have to have that conversation. I feel responsible, as I am the one who priced their home at that price in the first place. What should I do?
A: I can completely understand why you don’t like the price reduction conversation. However, you are internalizing and blaming yourself for a market condition. The sellers will lose respect for you if you avoid this conversation and their home continues to linger on the market, especially if you were confident about the price when you listed the home.
The best way to handle pricing is to let the seller know that prices change weekly as the inventory in the market changes. This way you and the seller are a team, you supply the market data and together you decide on the price.
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Many sellers are highly resistant to a price reduction because they believe that eventually the “right person” will come along and pay the price the sellers are asking. And if they are not in a rush to sell, then they feel that they have time on their side. This, however, is a strategy that rarely works and more time on the market rarely serves a seller well.
Maria – Thank you for sharing your insights. It’s so true that this “savior” strategy almost never works. There’s something to be said too about homes that seem to have been on the market past their “due date.” We talk about this a lot in my Evolve real estate coaching groups. When agents ask me, I tell them that the best way to deal with the this is to prepare for it from the beginning. Ask questions that get to the heart of the seller’s concerns early, prepare them for the possibility, stay in frequent communication, educate them about the market in their area and how their price point is moving. Then, if a price reduction becomes likely, you already have a prepared and informed seller who can partner with you in a necessary, strategic decision. Thanks again for another great comment. -Denise