Selling your home requires patience, good negotiation strategies, and smart choices. That’s because you and your potential buyers may have opposing interests. While you want to get the best deal out of your home, your buyer would want to buy your house at the lowest price possible.
This is why delays in the negotiation process are mainly due to back and forth offers. In the United States, for instance, industry estimates reveal it takes an average of 70 days for a house to be sold.
So, for a successful home-dealing transaction, compromise should be done eventually. But there are ways to prepare and ensure you get paid for your property’s worth. Mentioned below are some of the tips you may consider to get the best deal for your home.
1. Discuss Your Priorities With Your Agent
For example, if you’re a first-time home seller living in Florida, you’d soon discover that the process isn’t as easy as it may seem due to many options to take. Getting a lead is confusing. Hence, for assistance, it’s recommended to hire an agent. Doing so will expedite the process, however, not unless you hire a real estate agent who’s known to do more than setting up a billboard announcement with words like; ‘Sell Your Gainesville Home Today.'
To get the best deal from your home, look for an agent with superb negotiation skills—one who can properly guide you through the negotiation process more smoothly. Discuss your objectives with your agent; such as the lowest and highest price you’re willing to get, how quickly you want the process done, among other essential considerations.
2. Don’t Accept Offers Until After An Open-House
Insist on accepting offers only after your buyers have inspected the property. This means you’re only being reasonable in handling the whole home selling process.
It’s understandable for buyers to ask for price reductions, but it won’t be fair when they haven’t seen the property in person. It may take time and effort to stage your house properly for viewings, but it’s a necessary process if you want to get the best deal out of your home.
Conducting an open viewing will give you the upper hand in that it creates an impression to your buyer that he or she is in competition with other interested investors. This will make them more cautious in coming up with their price offers.
3. Be Firm
Expect an initial bid at a price lower than your asking price. Potential buyers do anticipate a back-and-forth negotiation, so they’ll offer a price that’s below the price they’re willing to pay for. This is all part of the bidding game.
The first offer is almost always just part of the initial process, so you’re not expected to concede to the buyer, unless you’re in dire need of cash as soon as possible. Afraid of losing the opportunity, most sellers will agree to a lower price, even if it’s below their asking price. This may result in your house selling faster, but you’ll sacrifice skipping the best deal for your home.
If you get lowball offers, don’t ignore them. But be firm with the asking price. If the buyer is really interested in buying your property, he or she will not give up easily.
4. Reject The Offer But Don’t Raise A Counter-Price
Another strategy you can try is to reject the buyer’s offer. But instead of raising a counter-offer, wait for the buyer to submit a new offer. Be clear though you’re not keeping them off the negotiating table.
Two things may happen: the buyer will send the same price offer, or raise the stakes. Either way, it’s up to you to accept or reject the offer.
Doing this sends a signal to your buyer you know how much your property is worth and that you mean business. Again, if the buyer is really interested in your home, they’ll continue to get engaged in the negotiating process.
Remember you’re not obliged to lock your negotiations with a buyer if you don’t come forward with a counter-offer. This means you’re allowed to accept higher price offers from other buyers, if employing this strategy. Knowing this, an interested buyer will be pressured to present a higher offer in an attempt to close the deal.
5. Keep Emotions In Check
In selling your home, consider the whole negotiation process as a business deal. It’s critical to keep your emotions in check in order to recognize a good offer. This may be easier said than done, especially if you’re selling your home for serious personal reasons such as a divorce, death of a family member, or bankruptcy.
An article published in the Harvard Business Review with the title; ‘Emotion and the Art of Negotiation’ noted that people suffering from anxiety during the negotiation stage were prone to making weaker first offers, responding faster to each counteroffer raised by the other party, and were more likely to close the negotiations faster. This, despite the fact that they’re knew they were receiving a lower value, as compared to those who’ll follow through with the entire process.
The Bottom Line On Smart Home Sales
If you want to have the upper hand in the negotiation process and maximize your house value, consider the tips discussed in this article. However, remember your strategies may not work if you’re not offering a highly valuable property.
