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Debbies’ Tip’s – Pricing and Price Reductions

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Hi welcome to ReboRreports and Debbie’s Weekly Tip. So today I wanted to talk a little bit about pricing and price reductions. Now I fly all across the nation, in fact I can’t even keep track in the last two weeks. I think I was on 14 plane flights all over the country and what I’m finding is most markets especially as we go to the higher price point they are it’s experiencing some slowing. Now we coach a lot of people in luxury markets we coach a lot of people in resort luxury markets and especially their you must be an expert at your market data you must price those properties carefully and you must work hard to stay in communication with the seller so that they feel you’re on their side they know that you’re doing the work and when you ask for those price reductions. Remember you’re the doctor there the patient. Tell them what they need to do, now of course when you’re going into these listing appointments are going to be careful how we approach pricing. We don’t want to go in there like the angel of death and we want to talk about strategies with them you know we can price it to the data. We can price it below the data and hold offers for a week or two to create a frenzy or weekend price to the top of the market, test the market and make adjustments as needed. So you’re going to consult with them you’re going to have a strategy and then ultimately choose the price, monitor the activity and the goal is to sell that property as soon as possible. Because they’re likely to net a higher price. Now here’s what often happens, you’re sitting at the table, you’re so excited to take the listing and they say to you, “Do you think this is a good price?” and you say “Yes it is.”. Guess what they’re going to remember that and they’re going to hold it against you if the home doesn’t sell for that value. So here’s my little script I always used to say, “You know Mr. Seller the market is unpredictable, it’s like the stock market. Goes up and down every day and while I cannot promise you that the home will sell for this price. What I can promise you is I’m going to do everything I can to make that happen and I’m going to report to you each and every week on the status, on the progress and together we’ll make the decisions we need to make to get the property sold, ok?”. So be careful what you say they’re going to remember it and keep communicating. Call them every week, so that they don’t get frustrated and upset and you end up losing that listing that you spend the time and money on. We want to make sure you get a good return on your investment, alright? So have a great day, make sure you call your sellers. Set up those price reduction conversations and get those listing sold and I’ll talk to you soon.

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