How to Ask for a Price Reduction

By Greg Harrelson

Greg Harrelson is the founder and leader of the largest Century 21 offices on the East Coast. With offices located throughout South and North Carolina, Greg coaches the top real estate talent in the Carolinas and also founded Real Estate Sales Solutions which has coaching programs like the Agent Success Academy.

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What is the point of a price reduction and how can price reductions be done effectively?

Asking sellers to reduce the price of their listing can be a nerve-wracking experience. This is an incredibly common feeling, so today, allow me to share some tips and tricks on what I like to call the “art of the price reduction.”

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

0:06 - Introducing today’s topic

1:25 - The first sign that a home needs a price reduction

1:57 - A good rule of thumb for how far you should reduce a listing’s price

3:09 - The purpose of price reductions

4:35 - How price reductions can help you attract more buyers

6:19 - Why price reductions don’t necessarily get sellers less money

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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“I remember the day that Greg and I met in our interview and everything and you kind of tell me what we did here. Obviously I lived here my entire life so you heard a lot of people say well because you know they do a lot of that prospecting over there and I remember making the comment to them well. I don’t know what they’re doing but what they are doing is working. I mean they’re number one for a reason.”

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“So we first started talking probably about eleven years ago and late 2006. Making a career change coming out of the corporate world and ended up going to a new agent seminar where you you know we’re doing a lot of those at the time. Just kind letting people know what you’re about, what the company’s about and you know it ended up we connected at one of those and the rest was kind of history.”

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“I have been working for Greg for almost two years now, and he has completely changed my life simply by providing me with resources. Needless to say, I came from a different company where I made less than two deals per year. With Greg Harrelson, I was able to exceed almost 14 deals last year, and I’m on track to close about 20 deals this year. I currently have multiple deals pending, thanks to the CRM system he has in place, and the coaching calls that provide me with valuable information. I am where I am now because of Greg Harrelson, and I really appreciate his tutoring. Because of him, I am able to earn more money and take care of my family, so I am very grateful to him.”

- Chris Small

I joined the Harrelson Group right after graduating high school with little knowledge about the field. However, the idea of selling properties intrigued me. With the help of Greg and the Harrelson Group, I’ve been able to achieve a lot in the past six months. I’ve taken 18 listings, and I currently have 10 active listings with a total market value of $2.5 million, of which two are pending. The success rate has been pretty good. Being able to sit four seats down from Greg during the morning listing presentations and all the training he provided has helped me tremendously in my first year as a Realtor. My goal this year is to do 40 deals, and I’m well on my way with five completed so far, so it’s been great.”

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