We buy homes in Orlando. Selling your home is one of the biggest financial transactions one usually makes in his or her lifetime. To leverage the best deal possible, you may have to buckle down and get ready for some tough negotiation, and it is crucial you are in the driver’s seat. Negotiating a fair sales price while selling via MLS is even more significant given the numerous volumes of expenses and commissions that are associated with the process. In this post, we hope to share three tactics you can use to strengthen your negotiation skills and techniques!
Meetings with several prospective clients, open houses, and long, drawn-out, difficult negotiations are not everyone’s cup of tea. If you need to sell your home fast and hassle-free in Orlando FL, Your Trusted Home Buyer is here to help. With little to no negotiation after assessing your property, we will make a fair all-cash offer and finalize the sale in as little as one week. Contact us today and learn more about how we can help you!
- Counter with List Price- Avoid getting Low Balled
Traditional negotiation is a back and forth mechanism. Buyers quote a price, and sellers offer a counter until an agreement is made. In this sort of system or arrangement, buyers tend to offer a price that is lower than the list price, but not necessarily reflective of how much they are willing to pay. Most sellers often make the mistake of countering with a higher price, but not sticking to their guns and countering with the list price
Assuming your home is valued correctly, this is an effective strategy to prevent getting lowballed and attracting buyers that only want a bargain. Real clients who are genuinely interested will remain engaged, however, some may not appreciate the lack of negotiation.
- Understand Contingency Clauses
A seller must understand the contingency clauses that can be factored into the agreement. As a seller during negotiation, it is your job to let the buyer have as few of these as possible as they serve as escape routes for buyers to abandon deals and reflect the overall strength of the buyer’s proposal. Here are a few common ones to be aware of:
a. Contingent Sale: Buyers will only purchase your property contingent on the sale of their present home. A contract/agreement with this clause is a weak offer. The sale of your house is entirely dependent on another set of sellers and buyers; a situation you have no control over!
b. Timing: The sale of your property is contingent on if the buyer can move in before/after a stipulated period. There is room for negotiation here, but do not tolerate outrageous demands
c. Financing: The sale of your property is contingent on whether the buyer can seek financing for the transaction. Again, this contingency can be dicey. If the buyer’s financing has been preapproved and you have seen the documentation, then nothing to worry about. If not, it can be unsafe and risky
d. Inspections: The sale of your property is contingent on if your house goes through a thorough inspection and evaluation and the buyer approves of the results.
- Facilitate a Bidding war
Creating healthy competition is vital to drive up the stakes for the buyers. More competition, the higher price you are likely to receive for your home. Therefore, open houses should be an integral part of your sales and negotiation process. Open houses pit buyers against each other and will place higher offers. When you receive multiple offers, you can use that to your advantage while approaching the highest bidders. Secondly, even if the open house only yielded one offer, that is still information the buyer does not know. When approaching that buyer, it is a psychological edge you have over him/her.
These are three tips we believe are important for any seller to know to be a more tactical negotiator. Negotiation is often viewed as an art, given how intricate and precise, and masterful you need to be at it to generate successful results. Practice makes perfect!
