It’s natural to be anxious when selling your home even when you have the best real estate agent on your side.
Your agent will understand the stress that comes with such a large transaction, but their work can be undermined if you reveal anxiety or emotion to prospective buyers during price negotiation.
This is especially true at auction, which some owners wisely decide to sit out and let the auctioneer and agent get on with their jobs.
Even if the property has been your family home for two decades, or you have set our heart on a certain price, the buyer should never sense any nervousness on your part.
Never let slip that you have already bought your next property, as buyers will see this as a great opportunity to drive down the price knowing you need a quick deal.
Conversely, don’t set false deadlines as you might drive away solid prospects.
Resist any urge to play games. Be a straight-shooter. Take emotion out of the transaction and simply treat your property as just another piece of real estate. Which, to be truthful, is exactly what it is.
It can be easy to let emotions rise during protracted negotiations. Progress slows down if you allow your heart to rule your head. Pride can play an especially damaging role when being asked to drop the price.
Remember, this is just the market at work. You can always say no, but there’s more to a negotiation than price.
You can work with your agent to create momentum in the deal around the contract terms or settlement timeframe.
Throwing in extras such as swimming pool equipment, a wall-mounted TV or any furniture a prospective buyer might wish to keep, may help. A buyer might be delighted with a rent-back offer if they haven’t sold their current property yet.
As your agent, we will advise you that a negotiation begins by excluding every option and everything you concede must receive a benefit in return. The goal must be to deliver the price level you’re seeking.
Here are eight negotiation tips:
- Choose an agent who’s an experienced negotiator – and can prove it.
- Ask prospective agents to explain how they approach a negotiation. It is important you support your agent’s strategy to achieve the best result.
- Understand that how you market your property influences the final negotiations. If the property hasn’t been presented well, buyers will assume it’s a bargain for the taking. You always reap what you sow in property marketing
- Sadly, price is not always what you think it should be, or hoped it to be. The final price will be influenced by local market conditions and the availability of similar properties, which can vary from week to week. You may be offered less than anticipated… or more! Fingers crossed!
- Make sure every buyer knows they can make their best offer privately and in writing. This way, you’ll know you’re getting the best possible offers. Whether you choose to sell is a different matter.
- Entice a sale with some add-ons or benefits. These may be an extended settlement period, offering to leave behind some fixtures, or offering to rent-back the property if your prospective buyer hasn’t sold their own property yet and isn’t ready to move in.
- Remember, everything is negotiable. And, don’t take anything personally. Remove emotion from the transaction to allow your agent to create the best financial outcome for you.