When making purchases at the grocery store, mall, or even a local coffee shop, we’ve become accustomed to simply paying whatever the displayed price tag is. In real estate, that is not the case. Negotiation is a skill that real estate professionals practice daily and one that can mean the difference of thousands of dollars in the sale of your home.
When you receive a buyer’s purchase offer, chances are you’re going to find something that you don’t agree with. Although this is something your Real Estate Agent will help with, it’s important for you to understand the negotiation process to make sure you are confident throughout the entire transaction.
Once the offer is presented to you, you have three options: acceptance, rejection, or counter offer. In your decision making process, it’s important to consider the following:
- How close is the offer to the asking price of your home?
- Has the Buyer asked you to make any repairs?
- Has the Buyer asked for any credits to make home improvements?
- Does the set closing date fit with your schedule?
- Are there any other offers?
- Can you afford to wait for more offers?
After you have considered all of the above questions, you may be wondering how you can prove to your buyers that you are serious about the asking price of your home, and all counter offers after. If you’re feeling brave, you might consider these tips:
- Put yourself in the driver’s seat in the negotiation process by countering with your list price or just slightly below.
- Reject the offer, don’t counter, and invite the buyer to resubmit. This move requires you to be gutsy, but will show serious buyers that you are confident the property is worth what you’re asking for it.
- Attempt to create a bidding war by holding off on all offers until a certain date.
Negotiating the sale of your home can be a tricky and stressful time for all parties involved. Luckily, a RE/MAX agent is someone who has plenty of experience in the art of negotiation and can help you get through the process smoothly, and with an offer you are confident accepting.