Negotiating is a crucial aspect of the home-selling process, and it needs to be carried out with skill to ensure you get the desired price for your home.
Whether you’re working with an estate agent or selling your home on your own, it’s important to understand the basics of negotiation to ensure that you get the best possible outcome.
So if you’re wondering how to negotiate the sale of your house then here’s a guide to help you through the process.
1. Be prepared
Negotiating is an essential part of the home-selling process, and it requires careful preparation, communication, and compromise.
The goal is to reach a mutually acceptable agreement that satisfies both the buyer and the seller.
It’s important to be prepared before beginning negotiations by researching the property market and determining a fair asking price for your home.
This information will give you a solid understanding of the value of your home and help you make informed decisions during the negotiation process.
2. Price your home to allow for ‘wiggle room’
Like buying a car, property is an area where negotiating is expected, if not mandatory!
Taking this into account, it’s a good idea to price your home above what you hope to achieve so that you have room to negotiate.
Dropping to your desired price will enable the buyer feel like they’ve got a deal and allow you to walk away happy.
3. Listen to the buyer’s offer
Listening to the buyer’s offer is also a critical step in the negotiation process.
They might have offered less than you’d hoped for, but added something else into the pot to sweeten the deal.
For example, it’s not uncommon for buyers to ask for a discount on the price if they take responsibility for clearing large, unwanted items of the home.
This can save you a headache, especially if you’re moving a long distance away, and might be worth accepting a lower price for.
3. Counter the offer
If the offer is lower than your asking price or contains terms that you’re not comfortable with, it’s time to counter the offer.
Be polite and professional, and present your case for why the offer should be higher or why certain terms should be changed.
Never be offended if someone submits what might seem like a ridiculous offer.
Keep a cool head and remember this it’s business. Thank them for the offer, but politely decline and come back with a counter.
Some people start at a silly price but are fully prepared to increase their offer significantly to secure your home.
4. Create a bidding war
If there’s more than one buyer interested in your property your estate agent (or you if you’re going it alone) can create a bidding war.
This could potentially drive up the offer for your house above and beyond what you were hoping for, especially if it has some extremely desirable factors.
It’s not uncommon for prices to soar if your home is in the catchment area of the best school in the town, or has some stand out feature.
5. Finalize the agreement
Once you and the buyer have agreed on a deal, it’s time to finalise the agreement.
Make sure that all of the terms and conditions are clearly outlined in a written agreement, and that both parties sign it.
This will be the job of a conveyancing solicitor or attorney and is a cost you shouldn’t scrimp on if you’re looking to save money when selling your home.
Negotiating is an important aspect of the home-selling process, and can determine the final sale price and terms of the transaction.
By being prepared, listening to the buyer’s offer, countering the offer, being flexible, and finalizing the agreement, you can successfully negotiate when selling your home.