Mastering Price Reductions with RealGeeks: A Conversation You Can Handle

Asking a seller to chop down their property's price isn't anyone's idea of a good time. 

At the same time, with the state of the market right now, this might just be a necessary tactic for more than one of your active properties.

"But you're the one who set the price in the first place!"

"Well, why didn't you tell me this before?"

"Okay, but what are you doing to sell my house at the price it is now?"

We'll stop before you start tearing up.

These conversations are uncomfortable, but sometimes absolutely necessary.

So today, we're bringing in our real estate guru, Greg Harrelson, to spill the beans on how you can leverage RealGeeks for smoother price reduction talks. In fact, if you play your cards right, your sellers might just beat you to the punch and suggest a price drop themselves. 

So, let's get into it.

Warning: This Isn't a Price Reduction Crash Course

Before we dive in, here's a heads-up: this isn't a step-by-step guide on how to navigate price-reduction chats. If you want the nitty-gritty, you might want to check out Greg's private academy over at www.RGMastery.com.

What we're dishing out here are the actions you can take so that you're set up for a better reaction from your seller when the time to ask for a price reduction comes.

Because guess what? The time is going to come.

And the alternative - homes sitting on the market, collecting dust like old vinyl records - is going to end with angry sellers pulling out, and you losing a lot of money.

So what's the secret behind a good price reduction conversation? According to Greg, it's earning that conversation in the first place.

"And to earn this conversation," he says, "it all comes down to communication."

Here's what he means: if you communicate what you're doing and what's going on with the market consistently, then asking a seller to lower their prices can become a logical step in their minds. And if you do this right, your sellers should even be expecting you to ask them to lower their price.

Greg's 5-Step RealGeeks Formula

Here's how Greg uses the RealGeeks system to effectively communicate with his sellers and lay the grounds for a swift and peaceful price reduction conversation.

Step 1: Add 'Em

The moment you snag a new listing, get that seller into your Customer Relationship Management (CRM) system. It's your starting point for effective communication & building rapport.

Step 2: Alert Mode On

Set up a custom search for each seller, focusing on properties in their specific neighborhood or ZIP code, and with similar characteristics.

Make sure they get notifications in these two situations:

1. every time a new listing in their neighborhood pops up with a price equal to or lower than theirs.
   
   
2. every time a listing in their community with a similar price range lowers its price.

Step 3: Context is Everything

Create a search to notify your sellers whenever a property in their community sells for less than their asking price. This is all about giving them the lay of the land.

Step 4: Monthly Market Report

Every month, send over a Market Activity Report. This isn't just numbers; it's a comprehensive snapshot of what's happening. It includes a Comparative Market Analysis (CMA), which is essentially your secret weapon.

By following these moves, you're not just asking for a price reduction. You're earning the right to request it. You're:

• Keeping your clients in the know about the competition.
• Creating urgency through recent sales at lower prices.
• Sharing all the information on market stats, from days on the market to price per square foot.

Step 5: Clone & React 

Here's the most crucial step: when you set up a search for your seller, make sure you clone it, name it appropriately (i.e. "Lucas Mayer in Oakland Highs") and add yourself to it.

This way, every time your seller is getting a price reduction notification, a new property notification, or an Market report, you will too. And you can give them some time to digest, and then respond accordingly.

For example, you can send them a text message:

"Hey Lucas, did you see that property that just sold near you? I sent you a notification. Let me know if you want to chat later today"  

By doing this, you show them that you're being proactive at keeping up with the competition, and thinking about the best way to move forward for their home to sell. Plus, you're showering them with evidence that a lower price is the way to go. 

And the best part - you're using RelGeeks to do the heavy lifting for you.

Do you see how they'd be much more responsive to a price reduction this way?

Earn the Right, Even if It's Not Right Now

Greg takes this a step further and uses an email template that he triggers after a new property with a lower price enters the market. The only thing he changes manually in that template is the number he thinks the seller should go down to.

And sure, not every seller will jump at the chance to reduce their prices. Some might need a little extra nudge. That's where the follow-up comes into play.

For those sellers who are hesitant, Greg believes a phone call can be a game-changer. It's a chance to have a real conversation, to address any concerns, and to provide additional context.

Even if they're still not ready, by speaking to them and offering more context, you're earning the right to ask again in two weeks, if the home still hasn't sold.

In Conclusion: Elevating Your Real Estate Game

As we wrap up this exploration of leveraging RealGeeks for price reductions, remember that real estate isn't just about properties; it's about people. And by using technology, you can keep your sellers informed in a passive way, to the point where they consider a price reduction themselves.

Your job is to explore the best options for them to sell their property. And by using RealGeeks as the bearer of bad news, you can come out as the good guy who's simply suggesting what could get your sellers closer to the end goal.

Earning the right to ask for a price reduction is about building trust through transparency, open communication, and understanding. It's a holistic approach to real estate that's rooted in empathy and expertise.

If you're eager to delve even deeper into these strategies, don't forget that Greg Harrelson offers an exclusive community for RealGeeks users at www.RGMastery.com. With no long-term commitments, it's a golden opportunity to level up your real estate game.

By consistently applying these strategies and making the most of RealGeeks, you're not just a real estate agent; you're a trusted advisor and a partner on your clients' journey.