Ask for the price reduction immediately if the home is not selling
If you have a listing that is not selling and you have already spent more time on the market than the average days on the market for your area indicate, you need to contact your seller immediately about lowering the price.
Why real estate agents wait so long to begin discussions with their sellers about lowering the price is a mystery. At the beginning of the listing an agent should have already discussed the plan B if an offer is not forthcoming, plan B being the price reduction.
Agents who fail to address pricing with their sellers early and often will no doubt be missing out on a sale. Once the listing expires, you can bet that the next Realtor is calling the seller explaining that the market has changed and if the seller really wants to sell, they will need to lower their price.
I will often ask my agents to research the MLS to find out what happen to that unsalable listing they previously held that expired. Often they find that the listing in fact were salable, it just took a lower price that the second or third Realtor was able to obtain to get the job done.
Stop missing out on an opportunity to earn more commissions, LOWER THAT PRICE.
