Coldwell Banker Drops Home Prices to Lure Buyers

Coldwell Banker Real Estate on Friday will launch a 10-day event that will reduce prices on homes for sale by up to 10% in most major U.S. markets. While home sellers have the final say on the price, Coldwell will offer a special reduced price listing on its Web site.

The sales event will be supported by a national radio campaign on several stations, including ABC and Westwood One. Coldwell will take over the homepage of on Oct. 13 and will run banner ads on a number of Web sites. Participating local offices will run listings in newspapers with creative highlighting the 10-day event. Home sellers will have their listings posted on

Half of Coldwell’s 3,000 offices across the U.S. will participate in the event, including the country’s most troubled housing markets: Las Vegas, Miami, Detroit, northern California and the New York City region.

The promotion was created after an in-house survey of 3,379 Coldwell agents found that 56% felt listing prices were still too high to attract qualified buyers. The survey also found that 77% of agents agreed the majority of sellers still hold unrealistic expectations regarding the initial listing price of their homes.

“We created this [event] to help the buyers and sellers connect,” said Michael Fischer, svp-marketing at Coldwell, Parsippany, N.J. “There has been a divide that we hope this can address, and it gives sellers a chance to take this one-time price deduction as we generate a national buzz to get people out and looking at homes.”

Fischer added that the sell-down marketing approach is a tactic right out of the auto industry’s playbook. And Fischer should know