The Realtor Hippocratic Oath

“First, Do No Harm”

What kind of Realtor talks their client out of a price decrease? (any prideful homeowner can be talked into a price increase).

Actually . . . a good one.

I can think of at least two situations where a price drop would be — as the medical industry would put it — “contra-indicated.”

One.  Timing.

“Wasting” a perfectly good price drop on a slow week is a classic mistake.

Yes, it’ll stand out (because there’s little activity); no, it likely won’t accomplish anything because no one’s paying attention.

Two. Magnitude.

One of my favorite lines in real estate is, “if you’re going to change the price . . . change the price.”

If a home has been sitting at $320k for three months, dropping to $315k ain’t likely to do it, either.**

Better to “fall on the sword” and go to $300k, and open up an entirely new — and bigger — pool of Buyers.

P.S.: “Death by a thousand cuts.”

Good agents also know the corollary to the above.

Namely, if you’re going to go to your client to make the case for a strategic price reduction . . . plan to do it only once.



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