Tips to a Homeowner when reducing listing price

I recently recieved an email from a local FSBO asking me a question I generally do not answer unless its asked by one of my sellers. I guess I was feeling nice that day, or maybe I just hope to eventually claim the listing but here was my response to him.

When reducing the price of a property there are a few things I recommend to keep it "fresh".

1. As noted in a previous post, a new picture is always a good start. Possibly a different front angle or just a better overall shot (almost all listing photos I see can be improved, including my own). This is especially effective when the seasons have changed since the original shots were taken.

2. If you are not using a Realtor you should be. But if for some reason you disagree, you absolutely need to get your home on the MLS. Some areas have companies that will list your home on the MLS for a low set fee. Fact is, the most powerful marketing tool available is the MLS.

3. Sometimes I use the phrase "New Price!" across the top of my listing photos in print advertising. I find that people are more drawn to it than when using "Price Reduced". It may have to do with the fact that people scan ad's looking for "New Listing" and the word new catches the eye.

4. Keep doing everything you have been doing and be sure to update the price on all the sites you are already using. Find a few more to use, you can never be on to many websites.

5. Make the price change once. If you have come to the conclusion that you are priced higher than you should be than you probably have had your house on the market awhile with no luck. If you are serious about selling your house, price it aggressively now. This is not a market where you are going to get lucky and make a million selling your house. You do not want to have to update 30 websites again next month when you realize you need another reduction.

I hope some of these ideas will help a fellow Realtor! Happy Selling!