Negotiating helps you get the best possible deal when you put your home up for sale. Read on to learn how to successfully negotiate a home sale and get top dollar for your property:
ALWAYS TEAM UP WITH A SELLER’S AGENT
A seller’s agent acts as the bridge between you, the buyer, and the real estate agent who represents them. Aside from finding qualified buyers, marketing your home, and generally making the sale process smoother, they also utilize expert bargaining strategies at the negotiation table, making sure to put your needs and interests first.
When choosing a seller’s agent, opt for someone with local market knowledge, an impressive track record, and excellent client testimonials. Schedule an interview to learn about their history, experience, and work style.
BE CAREFUL AT COUNTERING AT LIST PRICE
A buyer’s first offer will often be lower than the asking price. When rejecting this initial bid, make a counteroffer at the property’s list price and avoid dropping it below your desired value.
Standing your ground and sticking to your asking price is the best way to make the most money from a sale; but take note that this is not a risk-free strategy. Best to deploy it only when you’re in a competitive seller’s market, and make sure to consult with your Realtor first. They know the market better.
COUNTER CONTINGENCIES AND TERMS
Other than the property’s price, you can also negotiate terms and contingencies that don’t align with your goals and interests. You can modify these conditions if you want to meet the buyer halfway or you can cross them out if they won’t benefit you. Learning when to say “no” and communicating your demands can help you devise a deal that mutually benefits both parties.
DEALING WITH A LOW BALL OFFER
Sometimes, turning down a low offer outright is better than engaging in a back-and-forth with the buyer. If the offer simply doesn’t meet your requirements, you can just walk away from the deal and wait for a higher bid. Plus, buyers who truly have their heart set on your home will often make a new offer that’s more competitive than the last.
CONSIDER STARTING A BIDDING WAR
The strategy for starting a bidding war is to list the property at a price that’s significantly lower than its market value. This can immediately attract buyers’ attention. Staging, getting professional photos taken, and listing the home when comparable properties in the area are scarce can also attract more prospects and generate competitive bids.
Bidding wars drive up a home’s price to amounts higher than what it was originally listed for. It gives you leverage in negotiating the home price as a seller by allowing you to choose from multiple offers.
MAKE TIME-SENSITIVE COUNTEROFFERS
Putting an expiration date on a counteroffer helps negotiations move quicker. It forces buyers to decide within the given period. It allows you to entertain other offers if the buyer declines or get the property under contract as soon as possible if they accept.
COVER THE BUYER’S CLOSING COSTS
Helping the buyer out with their closing costs can help guarantee and accelerate the sale. Settling the appraisal, inspection, and attorney fees would also mean that you can increase your asking price by just enough to cover these expenses. It also helps keep the buyer from negotiating the price down or asking for a lot of concessions.
Need a seller’s agent in Boston, MA who’s an expert at negotiation? The outstanding Realtors at Steve Bremis Realty Group are here to help you! Call us at 617.828.1070 or send us an email here to match with a highly experienced seller’s agent.