If you decide to sell real estate, you need to prepare and list everything. After some consideration, you have to decide whether you will work with an agency or independent realtor like those of FastExpert. The process takes a lot of work and will make it necessary to interact with plenty of potential buyers.
Because it is always necessary to communicate a lot with customers, take into account their conditions and discuss all points. During the discussion process, there are some tricks you can learn to perfect the negotiation process. Here are some examples:
Consider negotiating
After a careful evaluation, you can start showing the house and discussing the terms of purchase. However, the situation can get a little complicated. The buyer will start dictating their terms and will try to bargain at a lower price.
You need to think about the price, conditions and what concessions you’re willing to make.
Issues to discuss with the buyer
Your benefit from negotiations depends on your communication. Identify and discuss the following issues:
- What is the agreed price of the house?
- The date of transfer to the new owner.
- What time is given to the previous owner or tenant to vacate the premises?
- Who covers the repair costs that need to be done?
- Who reimburses the closing costs?
- Who is responsible for unforeseen costs (housing assessment, inspection or various examinations)?
Adjusting your position on these issues and being able to find a compromise between interests will make the offer itself more attractive and profitable in the eyes of the buyer.
Negotiation
Starting negotiations always looks scary, but you will always have control as a seller. To do this, you will need to consider the following tips:
Choose a reliable and qualified agent that suits your property.
Agents can specialize in different objects. Accordingly, you need to look for an agent among the top realtors in San Marino with experience in selling and managing properties similar to yours.
It is also worth checking what methods of work each of the candidates has, and check the number of successful transactions made by each agent. After conducting this study, you need to analyze which of the candidates you like best.
Justify the refusal of the price set for the property
If you are going to turn down some of the offers to cooperate, you need to have specific reasons each time to do so. For example, if you are not happy with the price, you can explain your refusal with the following reasons:
- The price will be less than the actual price
- The presence of recently made updates
- The market value of similar houses in the same area is higher.
These or other reasons that will be confirmed can not only satisfy the buyer in case of refusal. But also can be used for the auction, at negotiations with the buyer.
Learn about the motivation of the buyer
Find out what the buyer is planning to buy and how they will use the purchased property. Your agent needs to know how buyers plan to pay you and how long it will take. In case the buyer takes a loan to pay for the purchase, you should request when the loan will be available.
Negotiation strategy
Each of the sellers is trying to defend their interests. Your main and minimum goal is to bargain for a fair and optimal price for your home, when buyers will try to negotiate the lowest price. You need to use a pricing strategy to find a compromise. It is as follows:
- Determine a fair price
- Base the price depending on the prices of recently sold similar real estate in your area.
- Take into account the wishes of buyers and compromise.
Key Recommendations For Successful Negotiations
If you plan to get the best sales experience, you should bear in mind the following tips:
- Ask an agent to inspect your property. This will help you to know the just value of your housing. Special attention should be paid to the structure of home, utilities, and built-in household devices.
- Hire an agent with strong negotiation skills and entrust the whole negotiation process to him/her. Professional realtors will not be emotionally attached to your property and find rational arguments to convince the buyers.
- Check the market in advance to know what are the main trends and price policies. Knowing the up-to-date situation will help you have realistic expectations and be in a good negotiating position.
- Decide on a timeline. If you want to close a deal quickly, you can set a deadline on a counteroffer. This way, the buyer will make a faster decision.
- Hold an open house. This will help you attract more potential buyers. The more people notice and visit your property, the higher chances are to sell it quickly and at a good price.
- Last but not least, if you don’t agree with some offers, you can always walk away and wait for more requests. If your property is taken good care of and there are no major issues, it’s better to take your time rather than accept unsatisfactory offers.
