When a house has been on the market for a while without any offers, it's often a sign that the price needs to be reduced. In fact, research shows that 41% of homes listed for sale undergo a price reduction before receiving an accepted offer. However, convincing homeowners to agree to a price decrease can be a challenge. Not only do you need to craft a home price reduction announcement, but you also need to market it effectively. In this article, we'll explore some tips on how to do just that.
3 Tips to Write a Home Price Reduction Announcement
The main challenge when writing a home price reduction announcement is to frame it positively. Instead of giving the impression that the property isn't valuable, you want to create a sense of opportunity. Avoid using phrases like "reduce" or "lower" as they emphasize that the property is worth less. Instead, use terms that signal change, such as "price adjustment" or "price improvement."
most effective keywords in home listings
You can also enhance your listing by using specific words that catch homebuyers' attention. According to a Zillow analysis, using words like "luxurious," "captivating," or "impeccable" in your listing can lead to higher sales. Carefully wording your home price reduction announcement is beneficial, but how you frame the deal in your posts or ads is also important.
Frame the Price Reduction as a Discount
Instead of simply lowering the price, emphasize the amount of money being discounted. For example, offer a specific dollar amount discount if the property is under contract within a certain timeframe. This approach creates a sense of value for potential buyers.
An interesting case study showed that a business owner struggled to encourage sales by offering a 25% discount. However, when the wording on the discount card was changed to "$25 off" instead of "25% off," sales increased exponentially. People respond better to specific dollar amounts rather than percentages.
Write with SEO in Mind
Since many homebuyers start their search online, it's crucial to optimize your home price reduction announcements for search engines. This process, known as search engine optimization (SEO), helps improve the visibility of your website and listings in search results. To get started with SEO, check out this comprehensive guide from Alexa.
3 Tips to Market a Home Price Reduction
In addition to crafting a compelling home price reduction announcement, you need to market it effectively to reach potential buyers. Here are some tips to help you spread the word:
1. Tap Into Your Sphere of Influence
Leverage your network of family, friends, neighbors, fellow agents, and business associates. Although they may not be in the market for a home, they often know someone who is. Email agents you know to inform them of the price reduction and ask them to spread the word. Share organic social media posts about the property on your personal and professional accounts. Participate in community events to expand your network and increase your reach.
2. Use Social Media Ads
Social media ads are a powerful tool for promoting your property's price reduction. With precise targeting options, you can reach your ideal demographic and encourage them to view the property. If you have a video of the property, include it in your ad to capture users' attention. Videos are highly engaging and can significantly increase interest in your listing.
3. Don't Overlook the Power of Print
Print marketing can still be effective when it comes to selling homes. Many households report reading direct mail, so consider sending out postcards or brochures advertising your price reduction. You can also create newspaper ads or flyers to reach potential buyers. Design your print materials to be eye-catching and informative.
Develop a Winning Home Price Reduction Strategy
It's important to monitor the housing market in your area and be aware of how quickly homes are selling. If a property isn't generating interest and offers, don't hesitate to implement a price reduction strategy. By strategically timing your home price reduction and effectively promoting it, you can attract budget-conscious buyers who may have previously overlooked the property.
Remember, crafting a compelling home price reduction announcement and marketing it effectively can make all the difference in selling a property quickly and at the right price.
