Proper pricing of a home to sell is critical if you hope to have success as a listing agent. The following is a candid look at why the obligation falls upon you to obtain the reduction.
You should check your active listings at a minimum of every thirty days and identify those that have had a reduction in price. Work with your sellers and give them the dialog and strategies to help them understand why they need a price adjustment. It is your responsibility to help your Sellers understand why they need to reduce their prices. If their homes are not selling, then the market is telling us and them that there are better values elsewhere. That’s the simple truth.
When you are preparing for the listing presentation you need to focus on pricing AT OR BELOW what has actually sold, not what is active. Active prices mean nothing in a market with limited buyers and an over supply of available homes. Your success and/or failure are pretty much determined during the listing presentation itself. Either you are in control of the pricing process and have structured the listing agreement so that the odds of selling are favorable, or the Seller has taken control and dictated to you what the price of the property will be. You need to be prepared to WALK AWAY from overpriced listings where the Seller wants to dictate terms and conditions.
Sellers who did not listen to you at the listing presentation regarding price, who will not reduce their asking prices nor invest in upgrading their properties to make them show room ready, are the listings I would encourage you to withdraw because they aren’t going to sell. No amount of internet exposure, no amount of bulk mail, no amount of advertisement, no amount of open houses and no amount of wishful thinking is going to sell an overpriced home in today’s market. As the true professionals your continued success regardless of market conditions will be determined by your ability to get the appointment and provide the customer with a sound pricing and marketing strategy that increases their chances of selling of the home.