When a home owner lowers a the selling price, do you send out an email notifying the price reduction to those people who are registered?

Asked by Jsmith, Cleveland, OH Mon Apr 9, 2012

Is there anything special the realtor has to do?

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Annette Law…, Agent, Palm Harbor, FL
Tue Jul 30, 2013
It is unclear to me if you are asking this question as a homeowner second guessing your agent or if you are a home buyer with acute interest in a home you have interest in. I will assume you are the home owner.
How a price reduction is managed to leverage all the resources available depends first on if this was a strategic reduction or a compelled. The next factor is directly related to your agents resources and the structure of the strategy in place.
Your agent may have as many of four cloaked markets where communicating a price reduction can have significant influence. Add those markets to the resources of the MLS and tertiary home search resources such as ListingBook and the audience receiveing this communication can be vast.
Please be aware, NO AMOUNT OF ADVERTISING WILL SELL A HOME PRICED OUTSIDE THE BUYER VALUE BRACKET. This is a discussion you had with your agent when your home was listed. If you are 30% high and the initial response was absolute silence, reducing the price 5% WILL NOT change the result.
A meet up with your agent may prove essential. Selling a home at top price requires a strategy, not advertising. Don't be distracted by the shiny stuff. If you goal is really to sell your home, go with a strategy that makes sense, aligns with what you know and is compliant with your agents resources.
In my enterprise, the seller will be unable to observe the important 'price change' communication to the Class A, target buyer. The results, however, of a strategic adjustment, will be undeniable.
PS: If you are a buyer. have your agent communicate your interest to the listing agent. You may discover, that a serious buyer who actually makes an offer just might get what they want. Too often, a mug-womp buyer, by waiting, creates the bidding environment they wanted to avoid. If you have interest, make an offer.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
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Brian Clinger, Agent, West Michigan, MI
Tue Jul 30, 2013
Yes, most buyers today sign up for automated searches for the area or school system they are interested in. The system will send your new price out to every buyer tracking your location and price range. Because of this, I like to announce an open house in conjunction with the price reduction as this always creates more excitement and interest.
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Rick Chambers, Agent, Burton, OH
Tue Jul 30, 2013
The answer to this question definetly varies from agent to agent. This is how our team handles price reductions. First of all this price reduction will be updated in the MLS which will then be shot out to our over 200 websites that we advertise on. We typically will put together a flyer with your price reduction and have it emailed to every agent in the system on the local board of realtors. Then we would individually notify every agent that has showed your property about this price reduction. We would also update our Craigslist ads for your property and make sure we are getting the word out about this on our social media channels like Facebook and Twitter.

We believe there is never to much advertising for any property.
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J, Agent, Greensboro, NC
Tue Apr 24, 2012
...lots of different and exciting emails are recommended. The majority of systems are set-up to stream new and additional information over a multitude of websites that link to a primary MLS system. However, that is only one source.

When working with a listing client it never hurts to be a little more proactive and perhaps send out interesting "email blasts," to agents who showed the property, other clients, friends, family, businesses, at least once per month. Listings get stale on MLS systems and other websites rather quickly, so providing another means of keeping a listing fresh and in front of folks DOES generate ongoing interest.

Marketing listings are similar to commercials you see over and over again on television. The more the product is in front of people the more compelled they will be to inquire and perhaps purchase a product. It works for my clients. Good luck to you!
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Irina Karan, Agent, Aventura, FL
Mon Apr 16, 2012
Nothing special - if it is an auto update.
However, if the clients were interested in this property and now it is more affordable,
makes sense to follow up with them separately.

Hope this helps,

Irina Karan
CDPE – Certified Distressed Property Expert
Beachfront Realty, Inc.
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Tari Torch S…, Agent, Woodmere, OH
Mon Apr 9, 2012
Yes...most of us belong to Centralized Showings, which schedules showings. When they receive reduction they immediately notify all who have shown the home about reduction. If I feel there were other people interested, I notify them as well. Plus I send to my contact list and all internet sites.
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Dominic Pici…, Agent, Strongsville, OH
Mon Apr 9, 2012
Yes, any homes that match your search criteria will show when there are any updates or changes to the listing (price, status, etc.).
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