Price Reduction Addendum to Listing Agreement?

By
Real Estate Agent with Keller Williams Realty
http://actvra.in/BV2

When I know that a client is flexible about price, I have recommended a review of the price in one month.  However, I have not gone beyond verbal agreement.  Ultimately, it is a seller's decision to lower or not lower the listing price and a Realtor's goal to sell his client's home.  The two are not always in sync.

Is an addendum at odds with our role to "recommend"?  Or is it very much in keeping with our role to assist and, well, sell a client's home?  My feeling is that it is just something I prefer to avoid (the addendum, that is). :/ 

Any experience with such an addendum to your listing agreement?  How have your clients responded?  Have you been willing to lose a client rather than do without such an addendum?

 

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Tags:
listing agreements
listing agreement addenda
listings
home sellers
home prices
price reductions

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Ambassador
1,637,838
Fernando Herboso - Broker for Maxus Realty Group
301-246-0001 Serving Maryland, DC and Northern VA
Maxus Realty Group - Broker 301-246-0001

Sometimes I compromise and write an automatic reduction on the price after 15 days from the start of the listing. .

I agree is the seller's decision to lower the price. . but is your consultation/fiduciary duty to give them all the info they need to make such a decision

June 03, 2008 07:24 AM
Rainmaker
524,670
Dr. Stacey-Ann Baugh
A doctor who makes house calls.
Century 21 New Millennium

I have not done an addendum, however, I have had them confirm the consent to the price reduction in an email.  Then you can print out the email and keep it in your files.

June 03, 2008 07:36 AM
Rainer
44,514
Marie Meyer
Orange County New York Realtor
Keller Williams Realty

Fernando ... Seems to be a fair compromise. 

Stacey-Ann ... The email is probably more palatable for the client ... less formal just might do the trick.

June 03, 2008 08:03 AM
Rainer
44,514
Marie Meyer
Orange County New York Realtor
Keller Williams Realty

Hi Andrew ... I knew there was a better way around this, but I could not put my finger on it.  Thank you.  With your practice, the seller acknowledges your advice.  I would feel much more comfortable with this approach, and I am sure the seller would also.  At the same time, the fact is stated.

June 03, 2008 09:12 AM
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Rainer
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Marie Meyer

Orange County New York Realtor
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