In some markets it is possible to just list and sell without price reductions, but there are many agents today that are in steady or falling markets and in this case the real sale is created in the price reduction. This of course only applies if you have enough properties listed because nothing will solve a sales slump like another 10 quick listings will it? Find our how to find more listings here.

It depends on you, to keep pushing forward until you win

Let’s assume you have a good number of listings and you are not making as many sales as you would like, what this means is that your listings are on the market but not in the market.

It’s your responsibility to get your properties into the market and the only way you can do that is by getting the price reduction so it creates the wow factor. Find out more about my price reduction formula here. 

So what is the “the wow factor”? It’s when buyers see a reduced property and say: “Wow! Look at this property it’s now in a price range that we can afford! Let’s go and have a look.”

Here are three things you can do to get immediate price reductions.

1. When you go to a price reduction appointment (wherever possible you should see your vendors in person) you must prove your case. Look at it like you are going before a judge, the judge being the vendor. You must have a rock solid case to prove to the vendor that it is the price that is stopping the property from being sold.
2. “That’s exactly why you should reduce the price of your property right now.”
   When a vendor says they can’t afford to reduce to the price you are suggesting; you have to be able to immediately say: ‘That’s exactly why you should reduce your price, because if you can’t afford to reduce now, how on earth are you going to be able to afford to reduce in the future if the market continues to drop here and the prices either remain steady or go up where you want to move to?’

3. Emotion will triumph over logic with any decision.
   When your vendor is reluctant to reduce their price, focus on the main reason why they have their house on the market, and then lead them to feel what it will be like to be living in their new home. Show them that the only thing stopping them from getting on with their life is finding a buyer and what’s stopping them from finding a buyer is price.

 Never listen to the vendors sales killing comments of:

1. I will not take less than…
2. I am not going to give it away…
3. I will rent it out if I have to go that low…
4. I will not reduce the price…

There are many more of these sales killing comments – do not listen to them.

If the property is not selling, keep reducing until the property is sold.

Your alternatives:

Option 1: If you don’t sell their house, they will think you are an incompetent fool and will tell at least 30 people.

Option 2: If you sell their house, they will think you are a hero and will tell 30 people that you are the best agent in the world, even though you reduced their price.

Having the courage to reduce and getting properties sold will lead to another 10 sales over the next 10 years from that one sale through good referrals and word of mouth. Be courageous and confident with price reductions this week and remember, confused minds say no.

So make it clear that the price reduction is necessary to get them happily moved.

They need your help.

So this week be courageous, be committed and passionate about creating more sales through good price reductions. What are some of the major stalls you have heard in the price reduction process? How do you overcome them at the price reduction situation?