The Trick to Asking for Price Reductions (And Getting Them)

Are you doing a weekly call to all your sellers? If you haven't started doing this, this is something you need to be doing. And as you take new listings, you need to just create this expectation that you're going to call them every week.

My preference is on Monday. I want to get the week started off right. And having my Monday morning power hour, where I call sellers, is super important in my business plan.

So why do we make calls to our sellers every Monday?

Because we need to earn the right to be able to ask for price adjustments, condition improvements, or incentives if they're needed in order to get the property sold.

The market's changing and not every single listing you bring to the market is going to sell instantaneously anymore. Often we're going to have to make some adjustments in the condition, price, or incentives we're offering.

Here's how you handle that conversation with the seller:

I'm going to start by saying, "Hey, just want to give you a quick update on what's happening in your neighborhood last week. So here's what's happened:

We've had two listings go pending in your neighborhood. They weren't super similar, but they were probably being shown at the same time your listing was being shown. And then we had one close and that's definitely gonna affect our overall pricing model. I want to share that with you. And then we had one more coming up, active on the market, and I noticed they came under our price.

So I'm going to shoot you all of these listings. I want you to take a really hard look at all of them because they're definitely going to affect our position in the market.

Based on what I'm seeing, I think we should look at repositioning your listing. But before we get there, let's talk about the condition because we had three showings last week and they all mentioned the same thing. And so this is something we might want to consider fixing so that we kind of remove that objection, if you will, off the table. That way, more people might be willing to make the offer. So let's talk about that for a second as well.

Then the other thing I want to share with you is our virtual showings. We had 56 virtual showings, meaning that people looked at it online, looked at the page, and then we converted that over to about three showings live. That's not as high a number as I'd like it to be. And I think the disconnect here is that our competition, our peer group, is starting to really be more aggressive on pricing and incentives. So let's talk about that for a second."

And now we dive into the pricing conversation:

We say, "Okay, we started off being really competitive. Now we've got five properties that are priced under us and it looks like two of those went pending. We don't want to be the last one to turn the lights out. At this point, what would you like to do?

Would you like to adjust the price, reposition the listing, or would you like to just leave it alone? You're in charge. But my recommendation is we make an adjustment."

That's how you earn the right to have a price adjustment.

Now, you won't ask for adjustments every week if you don't need to. But when the time comes, you will earned that conversation. You will have earned the right to talk to your seller about that.

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