Hello again and welcome back to the Mcinnes Marketing weekly blog. After a week of recovering from Thanksgiving dinners, we’re back at it again, today talking about price reductions. Never a phrase you as a seller want to hear your REALTOR say! Today we’re discussing the truth in when a price reduction is warranted vs a premature tactic ……..

Of course with the steadying market, selling your home has become harder as of late. Many of you reading, i’m sure have heard your REALTOR suggest a price reduction to sell your home. Well before a price reduction should be utilized, you should be asking yourself the following questions about your selling experience thus far, mainly based upon your REALTOR’s efforts to sell your home:

1. Has your REALTOR been utilizing Social Media to market your home?

Don’t accept an ‘I don’t use Social Media when Marketing” response. When 82% of Canadians between 18 and 35 years of age, along with 62% of those above 55 years of age in Canada use Facebook. That’s a HUGE opportunity to miss out on a HUGE audience.

2. What is the Photo quality of my pictures?

If you were looking at your own home online with those photos, would you REALLY want to view it yourself? If not, you could be dropping your price $2,000 - $20,000 lower, for the sake of not trying some $1,000 (at most) professional photos.

3.  What has your Open House and Agent Open activity been?

This one falls down to both you as a seller and your REALTOR. This is hands down the best way to sell your home (minus specific showing requests.) If you live in your home I can understand this could be intrusive to have Open Houses each weekend, especially Saturday AND Sunday. But the reality is, this will get your home viewed by more potential buyers and likely sold faster. You’re REALTOR should also be open to doing these Open Houses. 

4.  Have you received any offers and for what price?

If you have not received any offers after a fair time on market, this is a sign your property price could be affecting your sale. Equally as important, if you have received multiple offers over the months that are, what you would consider a ‘low-ball’ but are in the same range, this is another inkling into your price maybe needing to fluctuate.

So there you have it. 4 tips to make sure you are checking off first before considering or thinking about a price reduction. Don’t get us wrong, sometimes price reductions do need to happen, but make sure you are exhausting ALL options first. Otherwise you could be leaving money on the table which is not yours or your REALTOR’s desire!

Let us know if these tips have been helpful! We loved getting feedback from everyone over the past couple of weeks and want to hear more of what topics will help you in your Real Estate adventure! As always, feel free to reach out on any of the below details, we love to talk. Don’t forget, if you don’t have time to read the blog, you can also find our podcast under the ‘Vancouver Real Estate Audio Experience’ and our Youtube video of these same blogs at Mcinnes Marketing - Youtube . Updated weekly with our new content!
Until next week!

Mcinnes Marketing out!

Jay Mcinnes 
T: 604.771.4606  

Ben Robinson
T: 604.353.8523