Have you finally decided to sell your property? Whatever the reason behind this major decision, it’s crucial that you know what to do in the event a potential buyer shows interest and ask for your selling price. The next part could be extremely challenging, the negotiation process. So, how can you succeed and get through this phase without appearing too excited to close this deal. Below are tips that will help you handle the negotiation process like a professional.
Tip #1 – Do market research
It really pays off if you are completely aware of the current trend in your neighbourhood, particularly in the houses for sale, so that you have an idea if your asking price is a bit pricey. Keep in mind, even if you have a hot property for sale, this doesn’t mean that all property hunters would be willing to pay that price.
Tip #2 – Have your property appraised
If you want to know the real market value of your property for sale, it would be a wise move to have it appraised before posting your asking price in any listing website. Besides, having proof that property has been appraised gives you confidence when justifying your asking price with an interested buyer.
Tip #3 – Take time to listen
In any negotiation process, it’s essential that you take time to listen because this will lead you closer to a home sale. So, instead of being irritated with the many questions a potential buyer asks, listen carefully and give honest answers. You might discover that one of the questions is already giving you a hint that this buyer is a bit hesitant to negotiate a lower price.
Tip #4 –Don’t be offended with lowest bids
When selling your property you will come across buyers who will try to offer the lowest bids. Be ready to make a counter offer that any potential buyer cannot resist. Remember, you are still undergoing negotiation process and it just needs a little push to convince this buyer that your final offer is a good deal. For example, explain why your counter offer is the best such as inclusion of closing cost as well as repairs.
Tip #5 — Start the conveyancing process
If you are really determined to negotiate a price, see to it this takes place after you started the conveyancing process. If you have no idea on what is conveyancing, this refers to the process of transferring ownership of the property from one person (original owner) to another person or entity.
A conveyancer is often hired for this process and can be a legal representative or a licensed professional with expertise in this kind of job.
Seller Conveyancer – the following tasks are performed:
- Ensure that all legal documents are complete and sorted
- Legally represent you and provide a timely response to any request coming from the buyer such as a request to extend the dates, title question and a lot more.
Tip #6 – Be guided with your reason to sell
If you want this negotiation process to bring a positive result on your part as a seller, be guided with your reason why you are selling this property. Is it to generate cash for your relocation plan? Don’t just focus on your asking price. Assess where you will benefit most, especially if your property has been there for months without an offer and here comes a potential buyer offering cash payment provided you lower the asking price. You need to decide wisely, give in to the offer or take the risk of losing this deal.
Part of a selling cycle is the negotiation. Even if you are determined to sell your own property at your asking price, there are times that you need to compromise. Keep communicating with your interested buyer and see to it that you are both happy in the final outcome of this negotiation process.