In selling your home, you want to be the captain that steers the ship. You must know how to leverage your assets and negotiate strategically to get the best deal for your property.
But there’s more to real estate negotiations than throwing prices back and forth in the hope that all parties become amenable to the selling price. A successful negotiator has a string of successes under their belt and should possess an arsenal of strategies to bring to the negotiation table.
We’re here to help. Below are eight key guidelines on real estate negotiations that can ensure a positive outcome.
Speak to your realtor about your expectations
A good agent is a strong negotiator. Even the best negotiators, however, won’t be able to properly represent you if they don’t know your end goal.
Talking to your realtor and clarifying your goals play a role in shaping your negotiation strategy. During your meeting, discuss your main objective and the lowest price that you are willing to accept. This way, your agent will be able to give you the representation you deserve.
Let the buyer speak first
Regardless of whether you are negotiating on a property, a car, or even a job offer, allowing the other party to speak first gives you the advantage.
When you let the buyer talk first, you get an idea of their starting point. This number can determine your counteroffer. Furthermore, speaking less during negotiations minimizes the risk of mentioning anything that may derail the transaction.
Refrain from taking the first bid from the first buyer
Don’t accept the first offer you get for your home. More often than not, you can negotiate a deal and land a better price for your property. Don’t forget that there is always some wiggle room in the offers that buyers bring to the table.
Respond to every offer
Regardless of the bid, you must respond to every offer. It keeps the conversation going. Buyers only place an offer if they like the property enough. This means that with the help of your agent, you can probably get them to a place that will suit your goals better.
If the offer is too low, have your agent make a counteroffer. If you keep getting bids that are below your asking price, then it is time to consider if your asking price is too high for the area or the current real estate market.
Put deadlines on your counteroffers
It’s possible to engage in multiple negotiations simultaneously, especially if you are selling a home in a hot area. But beware: juggling multiple offers may be too challenging to handle.
On one hand, multiple bids might encourage other buyers to increase their offer prices. However, waiting on multiple offers and subsequent counteroffers can take a long time.
In the interest of selling your home quickly, it is best to set deadlines for your counteroffers. The sense of urgency might be the push a buyer needs to submit an offer that matches your goals.
Consider closing costs
Depending on your area and the professionals involved in the transaction, closing costs can amount to almost 3% of the transaction’s final price. These said costs can affect the willingness of a buyer to submit a satisfactory offer.
If you are eager to sell your home quickly, consider covering the closing costs. It can smoothen the transaction and make your counteroffers more attractive.
Do your research
Spending time to research the real estate trends in your area can be beneficial in your negotiations. Knowing where your property stands against similar homes gives you an idea if your pricing is up to par with buyer expectations.
Know when to walk away
As with anything in life, if it isn’t meant to be, then it’s an issue not worth forcing. This rings true even in selling your home. If an offer isn’t satisfactory, know that you can walk away and wait for a better number. Keep an open mind and reign in your emotions.
Real estate negotiations can be stressful and overwhelming. There are plenty of moving parts and emotions can run high. Aside from the tips above, the right real estate team on your side can help you make the right decisions that will most benefit you and your real estate goals. They will have your best interests at heart.
How can I sell my house fast in Williamsburg, VA?
Whether you are selling or buying a home in Williamsburg, VA, Coldwell Banker Traditions should be your number one choice. We are one of the most trusted and experienced real estate firms in Williamsburg, VA, and the Hampton Roads area. Call us today at 757.229.9595 or email us at info(at)cbtraditions(dotted)com.