RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Before You Drop the Price on a Slow-Moving Listing, Consider These Alternatives

Home Latest News
By Diane Hartley
December 4, 2019
Reading Time: 4 mins read
Before You Drop the Price on a Slow-Moving Listing, Consider These Alternatives

Red and white "Home for Sale, Price Reduced" sign in front of a stone, wood house that is for sale. Green grass and bushes indicate the spring or summer season. Front porch and windows in background. Real estate signs in residential neighborhood. Moving house, relocation concepts.

Adapting to real estate trends in the luxury market takes some creativity, especially in a static market. Seeing the days on market creep up higher and higher on your listings can be stressful, and it can be tempting to drop the price on a luxury listing too soon to make the sale.

But, even in a market that seems to be a bit more sluggish than usual, it’s still possible to speed up a listing without immediately dropping the price. In fact, a price drop can sometimes undermine the luxury quality of a listing, and therefore should be one of the last strategies you use.

Appropriate pricing can prevent price drops.
While the luxury real estate market differs from the traditional market in that price is often a secondary requirement to a property’s amenities and location, appropriate pricing is still important to consider. However, pricing appropriately can be a challenge in a market that is both changing and also lends itself to less urgency in sellers who don’t necessarily need an immediate profit from their home.

Since most buyers and sellers start their buying or selling process online these days, many may have a skewed perception of what their local real estate market trends are based on information they see on major listing portals. Often, they won’t see that a home has been taken off the market for renovations and relisted, or they may compare the value of their older luxury home to new developments.

Your job as a luxury real estate expert is to help clients form a realistic idea of their home’s current value and guide them to making smart changes if necessary. This is something new luxury real estate agents may struggle with, which is why we have made it an integral part of our Certified Luxury Home Marketing Specialist (CLHMS) training.

Raise the perceived value of your listing.
If you believe that you’ve priced your listing appropriately, the next thing to consider is raising the perceived value of the property before you consider lowering the price. The perceived value of your listing depends on a few different factors: the actual value of the home, real estate market trends and the way your marketing reflects the home’s best features.

Raising the actual value of the home requires an investment of time and money on the seller’s part to complete any necessary renovations, update amenities or even to make the space more neutral to show better when potential buyers come to visit. Making the space more neutral could mean painting a pink bedroom beige, or replacing bold statement furniture pieces with pieces that accentuate the space better and storing the bold pieces away while the home is on the market. Taking a look at real estate market trends and noticing what’s selling well in your market can help inform potential renovations and upgrades.

If you’ve priced appropriately and also believe that the property shows well in person, the next step is to review your marketing and ensure that it communicates the property’s best features and overall value. This means clear, high-definition photography, a well-written listing and a well-defined marketing strategy that includes both online promotion and traditional networking.

Helping your client make these choices does take a bit of confidence, which is why we highly suggest taking our CLHMS training to hone your skills.

Take the property off the market and wait for better conditions.
In some cases, it may make more sense to take your listing off the market to wait for better conditions. For instance, if your market experiences harsh winter conditions, waiting for spring or summer might help you get the price you and your seller deserve.

However, it should be noted that taking the listing off the market to relist later should be your last resort. In some markets, you may have to wait a certain amount of time before you can put your listing back up for sale, so if you and your seller decide that taking it off the market makes sense, be sure they know that it could be a few months before they can relist.

Our CLHMS trainings help you learn the philosophy behind successful luxury home marketing so that you can start to apply it to any of your luxury listings. Start investing in your education today with our online or live training options!

Diane Hartley is the president of The Institute for Luxury Home Marketing, a premier independent authority in training and designation for real estate agents working in the upper-tier residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of The Institute.

Tags: ColibriILHMInstitute for Luxury Home MarketingPricing Strategies
ShareTweetShare

Diane Hartley

Diane Hartley is the president of the Institute for Luxury Home Marketing, a premier independent authority in training and designation for real estate agents working in the upper-tier residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of the Institute.

Related Posts

NAR
Industry News

NAR Praises ‘Big Beautiful Bill’ as ‘Major Win’ for Real Estate

July 3, 2025
Mortgage Rates Post Biggest Drop Since March 2025
Industry News

Mortgage Rates Post Biggest Drop Since March 2025

July 3, 2025
Upbeat New Jobs Report in June Leaves Housing in ‘Holding Pattern’
Agents

Upbeat New Jobs Report in June Leaves Housing in ‘Holding Pattern’

July 3, 2025
The AI Advantage: Experts Share How AI Is Revolutionizing Real Estate—and Why the Potential for Agents Is Limitless
Best Practices

The AI Advantage: Experts Share How AI Is Revolutionizing Real Estate—and Why the Potential for Agents Is Limitless

July 3, 2025
The 3 ‘Hottest’ Markets in Each Region This Spring
Agents

The 3 ‘Hottest’ Markets in Each Region This Spring

July 2, 2025
5 Signs a Senior Homeowner May Be Ready to Downsize
Agents

5 Signs a Senior Homeowner May Be Ready to Downsize

July 2, 2025
Please login to join discussion
Tip of the Day

4 Ways to Market to the Next Generation of Buyers

Every new generation has a chance to upend the status quo, introduce new ideas into the zeitgeist and radically shift the priorities of a society. Read more.

Business Tip of the Day provided by

Recent Posts

  • NAR Praises ‘Big Beautiful Bill’ as ‘Major Win’ for Real Estate
  • Mortgage Rates Post Biggest Drop Since March 2025
  • Upbeat New Jobs Report in June Leaves Housing in ‘Holding Pattern’

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X