Should I drop my List price? ….again?
From Zoocasa Ask the Pro’s Section
Q …Do we need to drop our price again, or could the Realtor be the problem? My home has been on the market for six weeks and not one showing. The broker did an open house after I asked him about holding one. He never initiates updates and after four weeks on the market he said we should drop the price. We did drop the price but have not gotten any interest. Do we need to drop our price again, or could the Realtor be the problem?
Today (by end of September 2010, the market may be + or -different) the choices are one of the “Two P’s” tm Patience or Price Reduction.
Answer two questions:
1) Optimally, when would you like the proceeds from your sale?
2) Do YOU think prices in your neighbourhood will be higher next spring, or will they be lower?
NB no one knows the answer to #2 & no one but you, knows what YOU think.
Question #1 is a test of your motivation ie Money “on time” has $$value,
Q#2 is a test of your resolve.
Your Agent is your servant. You decide, s/he makes recommendations and You decide.
Based on your decisions on timing and price, the registrant may resign from their responsibility by terminating the Listing Agreement.
Why? because if your “plan” is unworkable …. when it DOESN’T work … you’re going to blame them for that failure.
Selling your property has got to be a mutually agreed “joint” effort, your Listing registrant is making promises to you via that Listing Contract … if they know at the outset that they (registrant) cannot deliver they should not accept the responsibility (nevermind not getting paid for their time).
Here’s q#3 – Why not pay the Listing Broker 25% of the commission you’ve currently promised on “successful compleion” as a non-refundable, non-contingency, “retainer” today!
See how this clarifies the Seller/Registrant relationship & changes the channels of communication!!
You’ll have demonstrated tangible “$$ proof” of your seriousness, and explicitly shown (both parties) that s/he “owes” you a duty (as per REBBA and Agency common Law).