Realtors, you all know that price adjustments come with a negative stigma for sellers. So much so that the thought of having that conversation with them can be scary and something you want to avoid. Sellers are rarely excited to hear that a price adjustment is recommended to get their home sold. But if the home has been available long enough, it’s time to consider adjusting the list price to gain more visibility from more potential buyers.
Set the stage early
When initially pricing the home, it’s essential to price it right to get the most exposure to as many buyers as possible. If the seller insists on listing at a higher price, set the expectation with them that in a predetermined amount of time, like two weeks, a price adjustment will be the next step. Doing so will take the element of surprise away when the time comes to adjust the price on the home that hasn’t yet sold.
Don’t let a call about a price adjustment be the first time a seller has heard from you since you went on the market. When discussing a price adjustment, make sure the seller understands you are on their side and you are not negotiating with them to devalue their property.
Tips to help prep the Seller in advance:
Selling a home faster almost always make the seller the most money
Remind the seller what you are doing to get their home sold
Send data to prove what you are doing by showing them reports from various sites like MLS
Send relevant comps in their neighborhood that show how similar homes sold for less days on the market
Explain that lowering the price gets more potential buyers to see the home in home searches
Let them see feedback real time from the newer buyers who see the home
Show them how typical it is for sellers to use price adjustments as a tool to get their home sold faster
Be prepared to explain to sellers that the time of year has a lot to do with how typical price adjustments are, see the chart below as an example:
Price adjustments aren’t something to be afraid of!
If you have a listing that isn’t selling, it is an important step needed to get a home sold. If a seller senses that you’re nervous talking about it, they’re going to feel like it’s a bad thing, not an opportunity to get the home seen by more people. When used as a marketing tool, they can be highly successful!