Broker Buzz with Kerry
Wondering how to get a price adjustment on a stale listing?
It’s always best to ask for the price adjustment in person if you can.
Please see attached scripts, I hope they are helpful to you.
Also: For the formulas to calculate months of inventory and chances of selling please see below.
To find the months of inventory:
Active Listings ÷ Total Sales = Months of Inventory
12,774 ÷ 1,727 = 7.4
To find the Chance of Selling:
Total Sales ÷ Active Listings = Chance of Selling x 100 = Percentage
1,727 ÷ 12,774 = 0.135 x 100 = 13.5%
Listing Price Adjustment (Reduction)
Hello, this is with .
• I wanted to touch base with you regarding your home, is this a good time to talk?
• There have been a total of showings since we listed and I understand we have kept in touch and passed along all of the showing feedback.
• Our marketing strategy is in full force and it has been days since we listed your home and I wanted to express a few concerns I have at this point.
• There are only 4 things that will stop a home from selling:The list price.
- The list price.
- The condition of the home.
- Access to the home.
- Exposure to the market.
• In terms of the exposure, we have executed an aggressive marketing and advertising
campaign for your home that will continue, but our marketing has left no stone unturned, so we are confident your home is getting maximum exposure.
• We’ve also had a large number of showings since we went to market, so exposure and
activity is also not the challenge.
• The condition of your home is great and you have allowed us ample access for all the
showing requests so this is not the issue.
• (If the condition of the home should be improved or you have not been allowed ample access
for showings, discuss at this point)
• This brings us to what I feel to be the reason your home is not sold. The price.
• Unfortunately, the market has changed and there have been a few new developments that I
wanted to discuss with you.
• (Review new sales or new listings at this point) I am recommending that we have a price adjustment that is appropriate to the marketplace. With this adjustment?
• I recommend that we adjust the price to $ . This will create a surge of activity and I feel very confident it will generate offers that will lead to a sale.
• You still want to be moved by , correct?
• In this case, I strongly recommend a price adjustment. Would you like to go ahead with this adjustment?
• If no, continue on.
• I am committed to helping you achieve the highest possible amount for your home and feel it is important that I am honest with you and tell you what needs to be done to get your home sold.
• I strongly recommend, as I stated earlier, that we adjust the price to $ to remain competitive in your local market and attract the new buyers coming into the market right now.
• Shall we go ahead with this adjustment?
• If they agree to the price adjustment, give them an idea of the procedure that will take place because of the adjustment.
• Do you have any questions or concerns that need to be addressed?
• Thank you for your time. Rest assured we are doing everything possible to get your home sold. If any questions or concerns arise please give us a call at any time, it is our pleasure to serve you. Otherwise, I’ll give you a call next week to give you another update.