There’s no perfect way to start a conversation about a price reduction with sellers. In another real estate blog we follow, the writer outlined three steps on handling this uncomfortable situation. Fortunately for ShowingTime customers, you have a ready-made tool to help with the price reduction process: Listing Activity Reports.
To make price reduction meetings a little easier, follow these three steps:
Do your homework on comparables, and share feedback from buyers who thought the price was too high. ShowingTime’s Listing Activity Report is especially helpful here, and don’t forget ShowingTime solicits feedback for you automatically. It’s hard for sellers to ignore the data and the facts.
2. Don’t Use the Economy as an Excuse
Actually, don’t use any excuse or apology when advising your seller to lower their price, this writer advises. You have nothing to apologize for. “Give the facts and stand firm. You didn’t create the market conditions,” she wrote.
3. Stay in Contact with Your Seller
This is another area where ShowingTime can help. Agents can have their clients copied on showing notification emails, and automatically provide them with their own link that allows them to see activity.
“Don’t let several weeks go by without being in touch with your sellers,” wrote the agent in the blog. “When you are constantly in contact updating them, it will be easier to ask for the price reduction.” We agree, and suggest using ShowingTime as your ally.
“Be proactive in research, make no apologies for doing your job and keep in contact,” she wrote. “It’s been stated that one of the big pet peeves a seller has is that their real estate practitioner doesn’t let them know what’s going on. The bottom line is that your sellers will respect you for doing your job,” she concluded.
Do you spend too much of your day scheduling and confirming showing appointments? Learn how the ShowingTime Appointment Center helps free up your time to focus on other tasks to grow your business.