Real Estate Negotiating Tips For Sellers When Selling Property

Glenn Batten | 13th October, 2009
Tagged: negotiating tips, negotiating tips for sellers, property sellers, sellers tips, tips for sellers | Make a Comment »

Real Estate Guide

Real Estate Negotiating Tips For Sellers When Selling Property Nerang First National has led thousands of property negotiations over just the past few years so we know a thing or two about the subject. We would like to share with you a few negotiating tips for sellers when you are selling your next property.

Negotiating on the sale of a property can be one of the most difficult aspects of home buying and selling, particularly as both parties will want the best possible deal, and to walk away with the feeling of winning.

Successful negotiation is not about luck. Rather, it is based on the ability to use certain specialised skills and techniques to bring two opposing parties to agreement. While real estate professionals are trained in negotiation, there are some simple tips that home sellers can follow to help the process.

Price it right

Naturally, the most important aspect of successful negotiation is price. If the property is overpriced to begin with, it can deter home buyers from making an offer. Ask a reputable and trusted agent in your area like Nerang First National to do an up-to-date Comparable Market Analysis (CMA) or Property Appraisal on your home to reveal what’s happening in your market area today.

If you overprice your property, you are probably just helping your competition sell! Remember that often as much as 80% of your buyer interest will come through during your first 30 days on the market. After that, the buyer traffic will slow significantly.

You only get the one chance to make a good first impression and when 80% of those ”first impressions” happen during the first few weeks on the market it’s important to get it right the first time.

Treat that first offer with care

The first offer may not start out as where you want it but that is what negotiating is all about. It’s not where they start but where they end up that counts and the old adage of “the first offer is your best offer” is too often forgotten.

Don’t be too quick to dismiss the first offer out of hand as that first buyer is normally the most interested person in your property and you should negotiate with them till you are exhausted. Far too many people have have heeded this advice to look back longingly as they spend months and months on the market chasing a sale.

Respect the other side

Remember that the prospective buyers making an offer on your property are not your competitors. They are trying to find a home they love for the best price they can just as you will when you are looking to purchase again. In fact understanding and empathising with the other side can be a very powerful tool in negotiating. For example, a buyer who has an urgent moving date could be willing to pay a little bit more of the property.

Winning may mean compromise

Real Estate Negotiating Tips For Sellers When Selling Property A win-win negotiation may not mean the buyer and seller get everything they want. More often, it means give-and-take on both sides, so focus on your top priorities and don’t let emotions overrule sensible judgment. If a buyer insists on settling before you can move into your next place then spending a week in a hotel might be worth it financially instead of turning down that offer.

Meet in the middle

If the buyer and vendor cannot agree on the settlement date, price or inclusions in the sale, it can pay to simply meet in the middle. Meeting halfway is a time-honored negotiation strategy, usually beneficial to both parties.

Ask for advice

If you’re totally confused, or simply unsure about the process of negotiation, contact us. As real estate professionals, we are experienced in negotiation, and know what works and what doesn’t.

Once you sell your home you are probably going to be in the market to purchase another property so check out our negotiating tips for buyers.