They told you they want to sell. You believed them. They are at retail, the market in some areas has dropped to wholesale. You ask for a price reduction, they blame the lack of showings on your marketing. You know it’s the price, but they say why won’t someone make an offer. Are you frustrated?, don’t be. In this market a buyer is only going to tie up their emotions on an already well priced property with a motivated seller when there is so much to choose from. So what do you do. Here are your options in the order I think is appropriate.
1. Take their core motivation, repeat in often and let them know that we need a price reduction or a value enhancement. Keep doing it until they get mad and threaten you with rent, cancellation, ect.
2. Keep doing it until it becomes painful for you.
3. At the pain point, if the client is non responsive, tell them the truth that you will be switching them to maintenance marketing which means that you will be available to show the home to interested buyers, answer cooperative agent questions, keep it in the MLS and maintain the sign. No more. No more money spent. It is now on your roulette realty list. Meaning it will sell if only if luck becomes involved. If the client wants to beat you up, send them one of two forms. The price reduction form and the cancellation form asking them to sign one because you do not want to be the agent that did not achiever (their core motivation).
4. Find another seller with motivation and equity.
Bottom line, in this market, in many areas ask for price reductions in person, over the phone, sooner and more often. If it becomes a low percentage probable close then let it coast or get rid of it. Also, you better be able to overcome your seller’s idiotic threats of renting, listing with someone else, taking it off the market and my favorite, “I don’t owe anything on it – I will wait the market out”.