The Art of Negotiation For Home Sellers
Selling a home is scary. The money that could be gained is rather exciting, but how do you ensure you get the asking price you want?
Negotiation can go a long way when dealing with a real estate transaction, but it’s also an intricate art form to learn. Below we’ve listed a few tips to help you understand how negotiation can help sell your home.
Let Go of Emotions
Leaving a placed you once called home is emotional. The memories you have made can create an intense emotional bond. Your home is not your memories. They will last forever. Take some pictures of the home, and then decide to consider it for what it truly is: bricks and mortar.
Sound harsh? Then you haven’t yet properly let go. Harbored emotions can make a seller easily offended. Low-ball offers, and little off-handed comments from buyers could leave a seller ruling out a potential offer.
The majority of the time, homebuyers are operating with a buyer’s agent, and a counter-bid to their low-ball offer will be matched or exceeded. This is especially true if your home is in high demand.
It’s important to keep in mind that buyers are negotiating, too, and their low-ball offer or negative comment is meant to be strategic, not offensive. Keeping your emotions out helps keep your options open.
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Consider Contingencies
Does your home have areas that you know need to be fixed? Handling the home inspection perfectly can help a seller avoid declining costs as an offer unfolds.
The best way to avoid pesky home buyer negotiations is to conduct the home inspection yourself, and make the necessary changes before going on the market. Don’t have the time or money to make the changes? Present the home inspection results upfront so that all offers are presented under the knowledge of needed repairs.
Other contingencies that arise include loans, insurance, closing costs, title, and more. If an offer isn’t exactly as high as you’d like it to be, see what you can get the home buyer to provide in the form of contingencies. Often times, negotiating contingencies this way saves time, money, and stress!
Prepare For Buyer Negotiation Strategies
Being prepared for buyer negotiation strategies will set you ahead. In order to play the best defensive game in a real estate transaction, it’s best to hire a professional Birmingham real estate agent. A real estate agent understands what type of market you are selling in, and knows what tactics a buyer will throw your way. Knowing these tactics in advance can prevent them altogether.
For example, one homebuyer negotiation technique is to bring in a third party for review. The buyer will tell you that their parents or lawyer need to come in and approve before the settle. Most of the time this is an intimidation strategy to get the price down for a quicker settlement.
The defensive strategy would be to ask the buyer upfront if anyone else needs to see the property before closing the deal. This will blind-side them, and ruin their negotiation.
Real estate agents know and understand the depths of negotiations from the seller and buyer standpoints. If you want to get the most favorable deal, your best bet is to hire an agent.
The Birmingham real estate agents at ARC Realty are well-versed in negotiating in the Birmingham market. Need help negotiating for your home? Contact us today.
