Can a mid-campaign price reduction work? Jed Wood Explains

We discuss the mid-flight price reduction technique with Jed Wood, highlighting how timely pricing adjustments accelerate sales in a competitive market.

• mid-flight price reduction involves adjusting the published price during the campaign to reflect active buyer interest
• tactic signals engagement to the current buyer while attracting new buyers and creating competitive pressure
• protects vendors from selling in isolation at suboptimal offers and encourages timely decision-making
• integrates communication with potential buyers via text or email to notify of price adjustments or imminent sales
• emphasizes market responsiveness—adjusting price guides strategically maintains momentum and maximizes sale potential
• designed for shifting markets, helping vendors achieve faster sales while maintaining competitive advantage

A practical guide to leveraging mid-campaign price adjustments to stimulate buyer activity, protect seller interests, and accelerate property sales while maintaining transparency and trust in the process.

Hosted by Lee Woodward Training Systems

Brought to you by The Complete Salesperson Course & Super Coaching Program

🎓 The Complete Salesperson Course – Australia’s premier real estate training, delivered nationally throughout the year. Build the skills, systems, and mindset to perform at the highest level. Learn more →

📚 The Super Coaching Program – An exclusive membership providing ongoing coaching, resources, and strategies to support sustained growth in real estate. Join today →

Discover more:

• Next Events
• Lee's New Book – Claiming Doors
• Explore Lee Woodward Short Courses
• The Top 100 Business Stories & Life Lessons Of Charles Tarbey

Transcript

Lee Woodward: 0:04

Hello and welcome to the program We Are Selling. Each week we like to tackle one of those moments of real estate, a trigger, a concept, or a word that you can bring into your game. And over the last 20 years, thousands of agents have attended the complete salesperson course. And in those moments of that two-day event, the agents collaborate, but they also work from a manual to work out what will be the moment that I will introduce that into my business. And one of the famous parts of that has been a technique called the mid-flight price reduction. And we are currently in a marketplace where the mid-flight price reduction could be your reason or only reason of accelerating a sale. And during those many years of the course, one of the famous agents who was also featured in the book Frameworks is Mr. Jed Wood. Jed joins me now from Fox and Wood. Jed, welcome to the program. Good morning, Lee. Good to be talking with you. This is a great time to speak with you. I had a little mid-flight video from you last night saying the mid-flight price reductions back in play. Jed, take us into how you've been using the mid-flight price reduction, and then we'll break it down into what it is so our listener can implement that as part of their game.

Jed Wood: 1:25

I'm trying to give our vendors the very best possible chance of selling in the current climate. And in the current climate, and a live example I've got at the moment, price guide's $1.2 million, had 15 buyers go through there. I've got one buyer, they've made an offer of $1.1 million, which the owners are actually seriously considering. In discussing the prospect of this with the owners, I said to them, well, while you're seriously considering this offer, I think that it's worthwhile we reposition our price guide from the current price of $1.2 million to $1.1 million, where we actually have interest in the property. The reasoning behind that is it give the buyer that made the offer of $1.1 million a little bit of positive feedback that we're engaging with their offer, but it'll also let the rest of the marketplace know that we have repositioned the price guide of this particular property. And it'll keep that buyer honest and it will also give us the opportunity of meeting some new buyers throughout the course of the campaign today, being a Saturday.

Lee Woodward: 2:20

And what a brilliant technique. And just for our listener, so you actually get this, a property is published on the internet of a possible value it will sell for. And if I'm a brand new buyer today, I'm looking at your published guide or price, and you're telling me it's 1.2, yet technically it's one point one as an adjustment has been made. But instead of just waiting for the marketplace to understand that, by doing a mid-flight price reduction, changing the published price on the internet, you're now broadcasting to everyone internationally. You could be back in the game. The purchaser feels that upward pressure of everyone's going to know this now, I must act quicker than ever before, versus I've got my own price, the published price protects the buyer, versus we may stimulate interest that gets the property over the line. Now, Jed, a young agent reached out to you because I think you've sold four properties in the last couple of weeks. What happened in that phone call that prompted this recording?

Jed Wood: 3:24

So a young fellow from a different company reached out to me and he's like, Oh mate, I saw you sold four places in the last week. Congratulations. Uh, we're friends on social media, and he just happened to tune in to what I was doing. And he said to me, You know, how are you doing that? You know, some of those properties I sold on the market for eight weeks, six weeks, four weeks, or even two weeks, how are you getting these deals across the line? And he was telling me that he's got a couple of properties on the market and they're they're actually receiving offers, but they're well below the price guides. And I said to him, Well, mate, this is the process that we put in place that we you know, we've got to submit all offers. And we certainly do that in discussing with the vendor. We we try and use the analogy of when the market's going up $100,000 a week, in accordance with the Department of Fair Trading, we have to increase our price guides. I use the similar logic now that the market's correcting back the other way, that if we're going from $1.2 million and we've got interest at $1.1, well, we get the appropriate paperwork in place to protect ourselves, but also explaining to the vendors that there's no point in selling in isolation to that one buyer who might be making an offer below our price guide. Why don't we try and create a bit of competition and actually embrace the offers that we might receive to give our vendors the very best possible chance of selling in a competitive environment rather than just a one-on-one environment? He was a little bit confused by it and he was like, oh, my vendors won't accept that. They're on the market for 1.6, I've got an offer of 1.5. If your vendors want to move on with their life, the longer they sit at $1.6 million, the further the market's going to drift away from them. You've got to, you know, use the expression, get ahead of the curve. By embracing the offer of $1.5 million, potentially getting a sale together for yourself, but also getting a price reduction where you might create a little bit more competition.

Lee Woodward: 5:08

Jed, this is so powerful. $1.6 will erode $1.5 to 1.4.5. The most beautiful thing about the mid-flight price reduction, which was brought in in a marketplace where nothing was selling, it was actually from the Queensland marketplace where Mark McGill was going through a very challenging time that nothing was moving. But the fact that the owner consents to the published guide or price being reduced to a different level, is the public moment. A mid-flight price reduction is actually designed that if that buyer doesn't go ahead, or that's not the person who ends up buying it, we now have a new level to work from to get the owner accelerated to their decision. And that's why it's such a powerful technique and definitely a technique required right now.

Jed Wood: 5:58

It's also just dawned on me there that part of our process when we are in the final throes of a negotiation that if a property is scheduled to go to auction or it's private treaty, we will send a text message to everybody that might have seen a property at the open for inspection, or if even if they've made an email inquiry, we communicate with them and let them know that Smith Street is about to be sold for X amount. If there's any outstanding interest, please contact us immediately. That's a text message that we send out when there isn't a need for a midlight, mid-flight price reduction. But this mid-flight price reduction allows us that same opportunity that we're letting the rest of the marketplace know, hey, this is this is where we have a new engagement level. If this then might be of interest to you, this is your last chance. It's about to be sold.

Lee Woodward: 6:41

Notifications, published pricing is what stimulates the marketplace to move. And Jed, I really want to thank you for appearing on the program today. We'd love to see your return. So as you're driving around and you have those moments, send me a text because today's tip is an absolute cracker. Jed Wood from Fox and Wood, thank you for joining us. My pleasure, thank you. And that concludes today's programme. If you've got any tips or questions you would like recorded, please reach out to us at the Realtair Academy. And if you're out there, you're using pitch, sign, or sell, and you would like to progress your skills with the technology, please call the Realtair Academy on 1300-367-412. If you're not on the platform of real estate professionals, go to Realtair.com, book a demo, we'll be in contact and progress your career. I'm Lee Woodward, thank you for joining us, and I'll see you next week.