Tuesday, February 21, 2023 / by Anthony Thornton
When it comes to selling a property, the single most important consideration for most people is how to get the best possible price. Despite this, the majority of homeowners believe they are disadvantaged and ill-equipped to reach their aim. To begin with, pricing a home is an imperfect science. Large price swings can be caused by market forces. Negotiating properly does not have to be as tough or daunting as you might think. You may successfully flip the tables in your favor if you have a proven technique to follow - and know the signals and the language - just like anything else.
1. Saying too much during an offer
The first and second guidelines of good negotiation are: a) know what you're legally required to say, and b) don't say anything more than that in front of someone who isn't fully representing your interests. It's critical for a seller to consider each point he or she is about to make. . ..before it is uttered. Don't say anything more than you have to because anything you say can and will be used to your buyer's benefit. As an example, If you disclose your "bottom line" pricing when reviewing an offer in front of both your agent and the buyer's agent, you can expect that the buyer's agent will send this information on to your buyer, and you'll most likely lose the opportunity to get a higher price. Keep in mind that you are under no obligation to say anything in front of the buyer's agent. They're representing the needs of the buyer, not yours. Requesting that they depart before discussing the contents of the offer with your agent is perfectly acceptable.
2. Failing to take time on the counter-offer
Many sellers feel compelled to respond to an offer as soon as possible. Remember that price negotiation is a crucial subject, and you have every right to take the time you need to reply appropriately. As previously stated, you have every right to request a private session with your agent, separate from the buyer's agent. However, you may also wish to consult with your legal counsel regarding the next steps. If you find yourself in this circumstance, schedule a meeting with your lawyer or fax the offer to them. A little breathing room and the presence of an objective and knowledgeable third party will almost likely result in clearer thinking and more successful decision-making.
3. Giving away too much
Many sellers believe they must include house furnishings such as appliances, lights, and curtains. This isn't the case at all. If these items aren't clearly included in your listing, you're under no obligation to part with them if you don't want to. Holding off on these issues until late in the negotiation process is a common strategy to arrive at a price that is acceptable to both the seller and the buyer. These goods can be useful negotiating tools when used in this manner. You risk losing any possible leverage if you give them away too soon. And keep in mind that there is no requirement that these items be included in the bargaining process at all. You can classify them separately from your house sale unless they are clearly mentioned in your listing.
4. Not understanding the issue of "Dual Agency"
When an offer on your property comes from the same real estate business that advertise your home - that is, when both you and the buyer are represented by agents who work for the same brokerage - this is known as dual agency. When there is dual agency, both your agent and the buyer's agent are legally obligated to inform each other of what their clients say. If you don't want your buyer to know the lowest price you'll accept or that you'll throw in the appliances if it comes down to it (and you surely don't want the buyer to know these things), then don't say anything. Then you should not reveal this information to your agent, as he or she will have to pass it on to the buyer's agent, who works for the same firm. When dual agency occurs, your agent should inform you of the implications so that you have a clear understanding of this important issue. By being aware of these and other issues, as well as seeking the advice of an experienced real estate professional and lawyer, your negotiating skills can be more effective in the home selling process.
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