Top Tips When Negotiating a Property Sale
Property transactions are one of the most personal costs that most people will ever make. Even more so when it is your own home rather than just an investment. After all, every man’s home is his castle, and personal pride often can be a major factor in negotiations.
Usually the first negotiation is with the agent and their fee for selling. It’s quite telling that a very high percentage of sellers claim that they chose their agent not on how much they charge but how confident they are in them achieving the best price for them. I understand this as they will be negotiating for you when it comes to price, so you don’t want to hire someone who will not negotiate hard for the best fee.
Once you have chosen your agent, most sellers look for commonality and trust, then the marketing process begins. Good agents will recommend what small but significant improvements might be made inside or outside your home prior to marketing commencing. Just removing furniture, replacing a rug or cleaning curtains can often improve the saleability and the price achieved.
Pricing correctly is very important. Greed can lead to an unsuccessful launch. When the property first goes on to the market the first 4-6 weeks is the highest opportunity to get a deal agreed. If you go too high in an uncertain market this can have an adverse effect and that golden moment can be lost before you have even started. Listen to your agent and do your own research too. You only have one chance to make a good impression! Sometimes you can get away with this mistake if the market is very good, but not when the market is less buoyant.
When you receive offers you’re not just negotiating on price but also on their ability to fit in with your chosen timescale. Some may wish for quick deal as they have somewhere else they have found. Others may be marketing their home before finding something else, so may want a slower, less pressured sale timescale. Either way it all comes down to two parties, normally totally unknown to one another, to come to an agreement. Sometimes your first offer can be the best one.
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