About 11 months ago, while doing a listing presentation, this statement came from my lips, “Since the market fluctuates constantly, I will not just do an initial market analysis, but I will do one each month to be sure your home stays in a competitive position in the market. We can adjust our asking price accordingly, if you agree to do so.” This seller was a man who was very concerned about the fluctuating market and wanted to get top dollar but also wanted to sell as quickly as possible. This is why I mentioned this in the listing presentation. “I think the asking price we both agreed to today is right for where the market is today, but we may be looking at a different market in the next few months,” I added.
He said I was the 3rd agent he had interviewed, but the first to say he’d do a repeat market analysis as necessary. I am sure any good agent would do this, but sometimes we forget to mention the services we provide. I got the listing by the way, and sold it after 80 days on the market with one price adjustment (down) at about day 60. The price adjustment was no big deal since we had discussed that possibility and in fact I had promise to keep him on top of where the market was so he could get his house sold.
Of course, I have done a repeat market analysis on many listings over the years but do not remember making that statement part of my initial listing presentation, not until this listing came along. Now it is part of my routine. I now see why some clients think we are making excuses when we suggest a price reduction several months into a listing. If we do not prepare them for this possibility it just looks we “messed up” in our initial market analysis.
It might not be a bad idea to list everything we do for our clients and spell it out in detail verbally and/or in writing when making a listing presentation or buyer representation contract. Some things we take for granted are often a big deal to a client that does not understand all that we do.