After discussions with your vendor or landlord using the Listing performance report and there being an agreement for a price reduction, consider a discussion surrounding a drop to the next price band below. For example, for a property currently listed at £200,000, discuss a 5% drop reducing the listing to £190,000.
If the vendor has a price expectation above this, you can discuss listing their property as "offers in excess of" or "offers over", and let your negotiators negotiate on behalf of the vendor or landlord, to achieve the best price possible for them.
- By reducing to a lower price bracket, property seekers that are viewing properties up to that price point will now see the property listed. This opens up the market to new potential purchasers who may not have seen the property before
- Once the property has been reduced, you'll notice within your Residential sales listings or Residential lettings listings, a percentage with a red downwards arrow alongside the property listing. This is referred to as the "reduced tag" and the percentage reflects the amount the listing was reduced by. Keep an eye on this in conjunction with the Price reductions report for most reduced agent!
For more information on Using reports within All market activity, click here
- If you offer your customers premium marketing, you can offer this in conjunction with a price reduction in order to give their property maximum exposure. For example, offering Featured Properties is the only way to move a listing back to the top of the search results page so it's often used to revitalise a listing