Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty)

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Rainmaker
1,046,944
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

No!

And who does 10 and 100 reductions. Really Jimbob?

 

Jul 30, 2019 07:56 AM
Rainmaker
469,510
Dan & Laurie Pittsenbarger Team
Keller Williams Western Realty - Bellingham, WA
Lakeside & Coastal Single Family Homes

The small changes obviously don't motivate a buyer to act nor are they big enough to enlarge their buyer pool and pick up more prospective buyers. I think the agents (and to a lesser degree the sellers) that make small changes must have the idea that no one knows about the listing and if they just saw it - it would sell. At least with out MLS any price change up or down will get the home on the "hot sheet" and trigger auto updates to all the public receiving email notices of new listings and price reductions - so a small change can get renewed exposure or possibly "find" a buyer that missed it some how  and possibly an agent will see something when it hits the hot sheet that they didn't see when it was "new". The only related "abuse" that gets annoying for me here (so much so the MLS has made a rule to prevent it) was when a listing agent would go down $100 wait two days and go back up $100, wait two days and go down $100 etc. This kept their listing on the "hot sheet" and going out on automated notices to the public continuously.

Jul 30, 2019 07:02 AM
Ambassador
3,339,834
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I do not. I'd rather spend my time working with sellers that get it! 

Seriously?  $10 and $100 price reductions.  

Jul 30, 2019 08:41 AM
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6,357,805
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

So far I have never done a price reduction, we have however made a few improvements and raised the price successfully.

Jul 30, 2019 08:17 AM
Rainmaker
5,096,466
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

No... I do not take grossly over-priced listings. I might take one that is a bit high with the understanding that we drop the price relatively quickly to what I recommended in the first place. But these incremental price changes are stupid. I tell my clients that if/when we reduce a price it needs to be rare and meaningful to attract a new crop of buyers.

Jul 30, 2019 07:53 AM
Rainmaker
1,237,595
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

No! The turkeys are not serious. By Thanksgiving they are off the market.

Our price reduction here is reasonable 20K or even 100K at a time. The ones with minute reduction yet overpriced, realtors move to serious sellers.

Jul 30, 2019 06:50 AM
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Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

NO!  There is a listing in my neighborhood that is so over what market will bear. So far within a month it's reduced $50K and still has another $50K to go down. Not a chance it's comparable to other semi-custom homes in the area. And it's on a busy street.  Why agents do this, I don't know.....

 

And hey, I learned a phrase from my first broker in this type of situation. Well.... let me refer you to an agent that specializes in over priced listings.  It Works! They either get reasonable or I excuste myself and wish them well.

Jul 30, 2019 09:15 AM
Rainmaker
536,943
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

Taking a listing that is overpriced usually ends in disaster for you or me.  They will let it expire and list at the correct price with the next realtor.

Low reductions such as this-Why?  Only to get it sent out as new again is my guess.

Jul 30, 2019 08:00 AM
Rainmaker
707,392
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

In order for a price reduction to be reflected on the hot sheet in our mls, the reduction has to be at least $1000. $10 and $100 doesn't cut it.

Jul 30, 2019 09:24 AM
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5,204,760
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

That is something that we struggle with in our market right now. We've slowed a bit and sellers want to get the same price their neighbors did last year. It's difficult for them to accept that's not going to happen!

I won't take NEW clients who over-price but, will give my repeat clients the opportunity to try their price with the understanding, they will reduce and LIKELY will have to reduce further below what I suggest initially. I explain to them that DOM cost them in sales price when all is said and done. 

Jul 30, 2019 08:56 AM
Rainmaker
4,854,437
Richard Weeks
Dallas, TX
REALTOR®, Broker

I know many agents will do price reduction like this so that the listing gets activity on daily mls categories.

Jul 30, 2019 08:22 AM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kevin,

It depends on who's who in the zoo, as well as what segment of the market you are talking about. The $10 to a $100 reductions are indicators of annoying sellers.  They probably go for annoying agents to list their properties hoping for annoying buyers to sell to...We would run away from these types, and do.  A

Jul 30, 2019 06:52 AM
Rainer
509,449
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

$10 or $100 price reduction is nothing, but I've seen it and it may just have a purpose.  When agents search the mls they will enter list price up to $$$. So if the home is listed at $500k and now they drop it to $499,999, the home will be included in the seach.   I won't take a listing knowing that it needs a major price drop.   Usually sellers just assume that the agent is not doing the job and will terminate the contract, hire another agent but will agree to a price reduction.  The cycle keeps on continuing until the 3rd or 4th agent in which at that time the price now equals market or comps, hopefully.   I've been there and I declined the listing.  Seller changed to 3 different agents and the house sat on the market for almost a year.  He finally withdrew the listing and the home was now leased.  

Jul 30, 2019 01:00 PM
Rainmaker
4,555,011
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Annoyances arrive and are rarely welcome.  As far as taking listings knowing that a price reduction is forthcoming is a strategy that may be effective for some and in some situations.  Annoyances of any and all varieties are best avoided.  

Jul 30, 2019 11:01 AM
Rainmaker
5,194,033
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

And simply annoyed is being polite with no real adjust. I do, right after they expire

Jul 30, 2019 04:12 PM
Rainmaker
2,776,061
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

All is discussed upfront to a mutal understanding or what is the point?

Jul 30, 2019 08:53 AM
Rainmaker
1,498,708
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I've got multiple offers bidding the price well above list.

Jul 30, 2019 08:50 AM
Rainmaker
5,850,422
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Our market has softened, so we are seeing reductions every day, and not little ones.

Aug 10, 2019 10:23 AM
Rainmaker
4,903,546
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Sometimes but I try to price it right the first time.

 

Aug 03, 2019 10:12 AM
Rainmaker
1,723,026
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

No we do not as it is a misrepresentation of the value of a home to our principal.  $10 & $100 reductions are a stick in the eye for buyers

Aug 01, 2019 08:25 AM
Rainmaker
1,296,186
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

We try to price realistically.

When prices were roaring upward, we had a hard time listing high enough.

Now we are having difficulty listing low enough.

Never a dull moment.

Jul 31, 2019 05:23 PM
Rainmaker
959,358
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

Generally, no.  I've noticed a significant increase in price reductions throughout 2019, not just recently.  Often multiple price reductions as inventory has improved.

Jul 31, 2019 07:38 AM
Rainmaker
1,390,113
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Part of our job is educating. Sellers often see the light after some time of frustration.

Jul 31, 2019 06:38 AM
Rainmaker
2,219,617
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I do not take overpriced listing Kevin.

Jul 31, 2019 05:30 AM