UK and US
Price reduction
A price reduction is a cut in the asking price, made on the vendor or seller’s instruction, and then updated on the portals or the MLS and in the particulars.
Also called Price adjustment.
One instruction, every place the price appears
The CRM, the brochure, the window card and each portal should show the same new figure. Two prices live at once is how buyers lose confidence. Agree the new figure in writing, or in a recorded instruction, before you change the advert.
Who to tell
People who viewed at the old price, and applicants whose budget now fits. Say the price has been reduced to a figure, not that the vendor is desperate. The vendor sees the same number in their update.
Questions
What does Price reduction mean?
A price reduction is a cut in the asking price, made on the vendor or seller’s instruction, and then updated on the portals or the MLS and in the particulars.
General information for agency staff, not legal advice. Rules and local practice change. Check the official source before you rely on a definition in a client letter.