Northeast Florida Real Estate Agent: Questions to Answer When Considering a Price Reduction
Channel: C21 Coastal Team
Date: 26/05/2017

We never like doing price reductions, but sometimes they are necessary. To determine whether you need a reduction, price isn’t the only thing we look at. The property’s condition and your agent’s marketing are factors that are just as important. If the home hasn’t been getting seen online, it will be harder to secure showings. To learn more about when and why we use price reductions to sell homes, watch this short video.

learn more: http://c21coastal.blogspot.com/2017/05/questions-to-answer-when-considering.html

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ABOUT: 
Chris Snow is the team leader of The C21 Coastal Team in St Augustine FL. Since 2004, Chris has been serving the North Florida area and has sold over 1000 homes. Currently, Chris leads a team of agents with combined sales of 242 homes and over $40M in volume.

Chris and his team are committed to bringing their clients the best possible real estate experience. Chris credits his team's success to the coaching and mentoring that he has received from some of the Top Real Estate Coaches in the industry.

CONTACT: 
Chris Snow 
Century 21 Coastal Team 
101 East Town Place #130 
St Augustine, FL 32092
904-250-0805 
Chris@c21CoastalTeam.com 
c21CoastalTeam.com

TRANSCRIPTION:

The conversation of “Is it time to drop the price of my home?” is one we have quite frequently with our sellers. When they see their home sit on the market for longer than others, it’s a question every seller inevitably has.
 
Part of this conversation revolves around the current price, while the rest of it revolves around the property’s condition, as well as where the property is being marketed. Those are the three main influences for us. Before we get into price reductions, let’s talk about the home’s marketing and condition.
 
We always ask our clients the questions that get to the heart of their home’s marketing; things like what websites the home is being marketed on and which social media platforms you are utilizing tell us whether you’re getting a wide variety of exposure.
 
The home’s condition plays a huge role in any of these discussions. Professional photos are a must-have, and they need to show the property in its best possible light. After that, it’s all about getting the home show-ready.
 
After we’ve looked at condition and exposure but before we’ve made a price reduction, we want to take a look at the showings that the property has been getting. If there have been a lot of showings, we know we are priced within the realm of possibility. However, if we aren’t getting any offers, we will typically do a 1% to 3% price reduction to give the buyer an incentive to move on the property. If we aren’t getting any showings but we’re getting a lot of views online, that’s when we know we will need to make anywhere from a 5% to 10% reduction in price.
 
If you have any questions for us at all, don’t hesitate to reach out by phone or email. We look forward to hearing from you.