realtor called with interested clients fri to see home this w/e. now we are lowering price. should i call him?

Asked by Kathy Ambros, 33156 Sun Sep 9, 2007

Help the community by answering this question:

+ web reference
Web reference:

Answers

22
Paul B. Perez, , Austin, TX
Mon Sep 10, 2007
It seems like you are selling you own home? If this is the case, then absolutely call everyone on your visitors list. If your home is priced right then you shouldn't have a problem selling, then again on that busy thoroughfare you may. If you end up dropping your price dramatically some may think there is something wrong with your house. Also think about offering to pay for the inspection, survey, title, or closing cost while keeping your current price. This will make any buyer feel "special" and may also help those who only have enough for the down payment. Don't offer all off these things until you have an offer, I would advertise closing costs paid to start.
3 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Sun Sep 9, 2007
PS - Have your agent do the calling. It's really more appropriate - especially when dealing with those buyers who have already been to the house.
3 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Sun Sep 9, 2007
A resounding yes! Not just the person with an appointment - but every person who has been through your home! There may be someone waiting in the wings - for just the right $$$ sign to appear and poof, you just sold your home!
3 votes
Ines Hegedus…, Agent, Miami, FL
Sun Sep 9, 2007
I always think it's a good idea to be open about every marketing move (and pricing is market of your marketing strategy). If the agent liked the house before, it may give you an even better advantage now that you decided to lower the price.
3 votes
The Hagley G…, Agent, Pleasanton, CA
Sun Sep 9, 2007
I would definitely have your Realtor relqa the information. When the sellers get involved directly with the buyer's agent, it could potentially send a wrong message. This is another opportunity for your agent to talk to the buyers agent, inform themabout the new price, and once again sell the features and befits of your home.
Web Reference:  http://www.cindihagley.com
2 votes
Paul Slaybau…, Agent, Scottsdale, AZ
Sun Sep 9, 2007
Jeanette is right. If you are represented by a Realtor, let your agent handle that for you. The buyer's agent will most likely not check the listing in the MLS again (between friday and the weekend) before showing your home, so your agent should already be on top of that. You are reducing the price for a reason, so you want to inform all potential buyers. You don't want them moving forward on another property in the interum because they found what they believed to be a better value. The price adjustment might just be the thing that gets this party off the fence and writing you an offer, rather than the guy down the street.
2 votes
Mr.P, , Arizona
Sun Sep 9, 2007
Of course, tell them the new price. I always keep a list of Realtors/ Clients who have seen a property that I am listing. When there is a price reduction, I let them know. It is a good way of keeping your property in front of the buyer.
2 votes
Kaye Thomas, Agent, Manhattan Beach, CA
Sun Sep 9, 2007
I would definitely tell the agent... Put yourself in the buyer's place for a moment.. how would you feel about dealing with someone who withheld a material fact.. and price is certainly a material fact. Wouldn't that make you just a bit leery of dealing with that person. I've always found the the best policy is the simplest.. that is treat peole they way you want to be treated and things usually work to everyone's advantage..
2 votes
Mark Palace, Agent, Satellite Beach, FL
Sun Sep 9, 2007
Yes, absolutely. Transparency is key. Furthermore, in real estate, time is of the essence. Hence, any updates/changes to listings need to be communicated ASAP.
Best, Mark Palace
Founder/CEO Palace Properties International, Inc.
2065 Hwy A1A, Ste 1202,
Indian Harbour Beach, FL 32937.
tel: 321.704.9305
http://www.palacepropertiesonline.com
2 votes
Ute Ferdig, Agent, Auburn, CA
Sun Sep 9, 2007
That's a good question. I have been called before by a seller who wanted to tell me that they were lowering the price. I was impressed by that because I felt that the seller was not holding behind. In the end, I think it will all depend on how motivated you are and how much you are lowering the price. If it's just $5,000, it probably will not be a big decision maker factor for the buyer.
Web Reference:  http://www.go2kw.com
2 votes
Paul Slaybau…, Agent, Scottsdale, AZ
Tue Sep 11, 2007
I'm sure Ruth. If you have already decided to drop the price, it was done after plenty of scrutiny. You don't just drop the price for the sake of dropping the price, but I wouldn't stick it back under my hat just because there is a showing coming up either. If you play the wait and see game just because you have one additional showing, you run the risk of the old price detering the buyer. A price reduction is quite effective when you have someone milling about who won't come down off the fence or as an enticement for future prospects. Plenty of sellers want to hold off on an adjustment until they see if that one last party will bite. This is a mistake. For all you know, they are in from out of town, and will make a decision this very weekend. If they see a better value, you might not get the opportunity to compete. Again, it comes down to the fact that both the listing agent (if one is involved here) and the seller have decided that a price reduction is necessary to spur offers. What has changed? I think the point here, Ruth, is that the reduction has already been made, and it is simply a question of notification. Once the decision is made, you have to get the word out to take advantage of the new marketing possibilities. Whether the reduction was necessary is ground that has already been covered, as the move was made.
1 vote
Bruce Lynn, Agent, Coppell, TX
Sun Sep 9, 2007
Have your agent call and find out the status. You just have to decide to lower your price before or after they make a decision.
1 vote
RN, , Miami, FL
Sun Sep 9, 2007
Not only should you call him, you should call ALL prospects who have ever visited your home. FOLLOW UP is one of the most important tactics in sales. If you are selling your own home, you are in sales. FOLLOW UP all prospects, and that means keeping track of every visitor, and calling them as soon as you have a price reduction.
1 vote
Perry Hender…, Agent, Austin, TX
Sun Sep 9, 2007
Yes. While you're on the phone ith them, tak the time to ask other questions that help find the buyers needs and pair them with your homes special features....
1 vote
Glenda Shirl…, , Greenville County, SC
Wed Apr 23, 2008
Yes, by all means, the most recent criteria of each property needs to be available to the buyers agent to pass along to their clients!
0 votes
Lisa Hill, , Port Orange, FL
Thu Sep 13, 2007
If you're going to reduce your price, you should get the word out to as many people as you can. I'd advertise it that way too, if you've been running print ads. Be sure to change it on any websites you're using as well.

To generate more attention to your home, be sure to add an attention-grabbing header that indicates the price has been reduced.
0 votes
Carrie Crowe…, Agent, Southaven, MS
Tue Sep 11, 2007
Ruth, I am 100% sure you should let everyone know that the price is reduced. It may have been the perfect house for one of those people, but was just out of their comfort zone in pricing. They may not have told you this, but when they hear the price is dropped, they will revisit. When they revisit, they will remember more fondly the things they liked about it originally!

Ruth, it is good to hear from you again. I was wondering where in the world Ruth was!
Web Reference:  http://carriecrowell.com
0 votes
Ruthless, , 60558
Tue Sep 11, 2007
Thank you for that added input Jeannette and Paul Slay...

Kathy:
I really trust both of their's advice from getting to know them on this forum over the past month (as well as many others).

By the way, if you see many of my previous posts suddenly disappear, it's because I determined someone in Oak Park is actually reading them or because we are in contract negotiations. I've been watching my website stats closely and Craigslist is the biggest referral by far.

Ruth
0 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Tue Sep 11, 2007
Ruth:
I am 100% sure. This person says they are interested.... yet they haven't seen the house. Will they still be interested? Will the price change "up" their interest.

You get your client the most money from an actual sale - not from a maybe...

The exercise is actually irrelevant - because the decision is a done deal.
0 votes
Ruthless, , 60558
Tue Sep 11, 2007
Agents:
Are you sure? If you were the listing agent and you priced the house right but it hasn't sold yet and you know someone is interested, is this what you would do? Are you getting the most money for your client by reducing the price? Is it the best negotiation tactic to lower your price? As (suit) Paul suggests, will this send a red flag? Does it show signs of desperation? I'm not saying you are wrong. What I am suggesting is the standard "it depends" disclaimer. Does it make a difference if the price reduction is $5,000 or $50,000? Has the home been on the market for 10 days or 10 months? This is a far more complicated decision than the lazy reduce the price solves everything answer.

So again, let me just ask:
Are you sure?
Because I really don't know and would like to know if (suit) Paul is correct 5% of the time or 50% of the time of if (casual) Paul Slay... is correct 50% of the time or 95% of the time?
Thanks,
Ruth
0 votes
Carrie Crowe…, Agent, Southaven, MS
Tue Sep 11, 2007
Absolutely. In fact call everyone that has come in so far to see it and let them know there has been a price change. If you are working with a Realtor you would ask them to do this for you. If you are a FSBO, CALL THEM ALL!
0 votes
tom roberts, Agent, powell, OH
Sun Sep 9, 2007
Kathy,doesnt sound like you have your home listed?but yes call you certainly dont want to pass up a potential buyer do you.show & sell

TJ
Web Reference:  http://tjrobertsrealtor.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more