How to Negotiate While Selling Your House?

You have successfully shown your home to potential buyers, and now it’s time to negotiate while selling your house. The process has reached the point where the price of the property will be negotiated. It is reasonable to think that people will want to buy your property for as little as possible. At this point, it would be smart for you to know a few negotiation tips and tricks that could help you during this part of the selling process.

Contents

01. How to Negotiate While Selling Your House

• Know Your Customers
• Think About the Good Things
• Be Flexible
• Let the Broker Negotiate

Conduct thorough research on the local real estate market of your property’s location. Check out how the prices of similar properties have changed over time and talk to local brokers about prices and how busy the market is. Find out online about big infrastructure projects that are happening or will be happening in the area. These projects could drive up the demand for housing and prices in the area.

If you’re not sure, you can hire a professional property appraiser to figure out how much your property is worth on the market. Appraisers use a tried-and-true method to figure out what something is worth on the market, and their report can help you defend and negotiate your price with a potential buyer. Click here to learn more about how to value a property.

Instead of just talking about the price, it would be better to talk about the good things about your property. This gives the buyer confidence that what they’re getting is worth the money you’re asking. Try to tell a good story about your property by talking about the quality of similar projects built by the same real estate developer (if applicable), how close it is too important employment and entertainment hubs, and what amenities it has compared to other similar properties, such as an elevator, a swimming pool, etc.

When you start talking to the buyer, you can get a general idea of what they want. For example, if the buyer cares a lot about connectivity, you should talk more about that when talking about your property, while still bringing up other important facts.

You’ve done your research and found that the market right now is good for buyers. Also, there isn’t as much interest in your area, so buyers don’t come by as quickly. In these situations, it makes sense to take less than what you first asked for in order to close the sale, since you don’t know how long and how much work it would take to get another buyer to this point.

Consider your financial requirements. If you need money quickly, you might be more willing to sell for less than if you weren’t in such a hurry. Still, if you think the market isn’t looking good and you can afford to take a price cut of 5–10% of the final sale price to close the deal, that’s fine.

Still, if you have to lower the price, it would be best to do so slowly during the negotiations. Do not accept the buyer’s proposed price right away. This will show the buyer that you are not a pushover, that you are not in a hurry to sell, and that you have truly set your price.

If you have already hired a broker, it would be best to let him or her talk to the buyer and negotiate on your behalf. Local property brokers know what’s really going on in the local real estate market and know how to negotiate prices to close deals. If you don’t think you can negotiate well or just want the broker to handle the part, that’s fine too.

Overall, you should talk about the good things about your property and not be too strict when negotiating, or you might turn off the buyer. Also, be kind and patient while the process is going on.

Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.