Your hands are sweaty, your throat is dry and your heart is pounding as you approach your listing clients to talk about something they're not going to like: reducing the price. Take solace in the fact that you're not alone. A whopping 58 percent of respondents to Inman's recent poll indicated that a price adjustment is the first tactic they use when a home just isn't moving. The other options listed were: Market the property more aggressively Host an open house Redecorate and/or stage the home Offer a buyer's agent bonus Offer a bonus or other financial incentive, like covering closing costs, to the buyer Split a bonus or other incentive between the buyer and the buyer's agent So, what is the best way to have the difficult -- yet sometimes necessary -- price-reduction conversation? When you first take the listing: Educate your sellers A few respondents noted that the strife of reducing a home's price can be relieved by educating potential sellers abo...
- The stress of reducing a home's price can be somewhat relieved by educating potential sellers beforehand.
- Although the majority survey respondents said reducing the price is the first tactic they apply to a stalled sale, they also recommended exhausting all your options.
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