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Seller is priced too high. I,as the sellers Realtor suggest a price reduction.
Seller agrees to a reduction, but does not want to reduce the price on MLS.
He wants me to test the reduced price first to see if it will generate offers or interest.
He suggested I call each Realtor that has shown interest, and relay the new price to them. (I have done that)
Has anyone been in this situation before? Any ideas on how to market this new price without actually reducing the price on MLS?
Thanks in advance
Seller is priced too high. I,as the sellers Realtor suggest a price reduction.
Seller agrees to a reduction, but does not want to reduce the price on MLS.
He wants me to test the reduced price first to see if it will generate offers or interest.
He suggested I call each Realtor that has shown interest, and relay the new price to them. (I have done that)
Has anyone been in this situation before? Any ideas on how to market this new price without actually reducing the price on MLS?
Thanks in advance
The purpose of a reduction in list price is to attract additional possible buyers. Offering the reduced price only to those who have already seen the house is a poor marketing strategy. It doesn't "test" the price on the market at all. It tells a select group of people that you are desperate enough to sell that you will call them & offer a discount if they will only make an offer, and fails to inform the broader market, which is what is needed to attract the most buyers & get the best price.
I would point out something about your listing agreement and how you've agreed to relay all changes within X amount of days. Does your agreement have something like that? Per our MLS rules, new listings have to be put within 5 days of the signing, and all updates need to be done within 48 hours. If he agreed to a price reduction, it has to be put in the MLS.
The way I've seen that handled here is to change the listing comments to "Bring all offers" meaning the seller won't just ignore low offers. I don't like that because it makes the seller seem desperate and I'd rather show a change in price.
Thanks all for for your thoughts. I got the price reduction and we are now under-agreement/ in escrow. I guess I proved my theory of dropping the price = offers.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by REtoday
Thanks all for for your thoughts. I got the price reduction and we are now under-agreement/ in escrow. I guess I proved my theory of dropping the price = offers.
It's not a theory.
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