Don't Call It a Price Reduction
June 12, 2014
Many real estate agents dread having to talk to clients about a price reduction, but if they approach the conversation strategically, they can create loyal clients and achieve the price adjustment.
This involves touching base with clients on a weekly basis to give them updates about their listing, requesting the price adjustment in person, and explaining why the change is necessary without getting defensive.
Agents also should call it a price adjustment, rather than a reduction, and use the L.I.M.S. (Listen, Isolate, Mirror, Solve and close) formula for overcoming clients' objections.
Source: "How to Talk to Your Sellers About a Price Adjustment," RISMedia (June 8, 2014)
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Updated: November 25, 2020