Raindrops & Price Reductions

Notwithstanding the news headlines, not every home is selling in multiple offers the first day on the market.

In fact, precisely because of those headlines, I’m seeing more Sellers insist on too-high initial asking prices.

raindropWhen a home isn’t selling — or even getting showings — standard operating procedure is to relentlessly cut the price at regular intervals (that is, assuming the homeowner is serious about selling, and has already carefully prepped and staged their home for market).

“Dripping” the Price

In that vein, a local Realtor gave away more than she intended when she sent me (and doubtless hundreds of other Realtors) a blast email earlier this week announcing that she would be “dripping* the price $10,000” on her St. Paul listing.

Sure enough, the listing history on MLS shows a drumbeat of steady price drops ($10k, then $5k, then another $10k, etc.).

Call it a Realtor Freudian slip (either that, or the Twin Cities’ endless cycle of soggy weather is getting to someone).

Runner-up (non-real estate) blooper: ┬áthe invitation I got recently to a party requesting that the guests wear “causal attire.”

*“Drip marketing” is a well-known term for a series of regular, small — and preferably, automatic — marketing overtures to a selected audience.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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