A change in price could be your best marketing tactic
It’s all in the way you approach it. Your sellers might be wary of a price reduction, but hopefully you’ve set expectations early and discussed the possibility of a change in price if a property gets little interest in the first few weeks of listing.
Even so, hearing “price reduction” can make your sellers automatically think less profit, so the way you phrase it for them isn’t exactly the best strategy for how to advertise a reduced price property.
To lessen the negative connotations around the term price reduction with your sellers, try to use price adjustment, price improvement, or more competitive pricing in conversations with them. It should help them be more amenable to your strategy while realizing the decision is to help sell the property, not to reduce the money they are making.
For buyers, however, price reduction doesn’t have quite the same negative associations. Similar to the way people get excited over a sale, seeing a property advertised as a price reduction can get them excited and more interested in coming to view it.
Whereas “new price” could be confusing or unclear, “price reduction” is straightforward and explains just what changed in the listing. With a reduced price, your listing may now show up in search results that had a capped price. If an interested buyer sees your listing, but also sees it’s been on the market for a few weeks now, they could be confused about what changed. By stating the change up front, potential buyers will know why they’re just now seeing it and spend more time considering the listing instead of the reasons why they’re just now seeing it.
Outside of listings buyers can subscribe to based on their criteria, “price reduction” can easily catch the eye of someone only passively looking online. There is psychology that supports why people love a good deal, and even if they may only be half-heartedly looking, it’s a strong lure to pull in wider audiences.
When you decide to mix up your approach with a listing, BOOST makes it easy to change the wording on your ad. You won’t need to worry about wasted time editing graphics. Simply use the user-friendly platform, update your wording to “price reduction”, and watch as you start to get more inquiries.