Proper preparation is the most important step that property sellers can make during the negotiation phase. The best negotiators are the best prepared. It's important to walk through what really hap-pens during negotiations with your Real Estate Agent so you'll never be surprised. The first step is to study the potential trading range for your property. Unless the market place is so competitive that there are multiple offers, you must understand that the buyer is most likely to start at the lower end of that range by default.
The Final Price Will Fall Within The “Reality Range”
Your final sale price will most likely fall within or very close to the reality range that you established with your agent before the process ever began. When you're aware of this range, you'll avoid over-reacting negatively to lower offers. The next step is to prepare yourself to counter any and all offers. Even if it's a small change, a counter offer keeps the discussion moving. It doesn't matter where a buyer begins with their opening bid, it only matters where they end up. ALWAYS give a counter offer to encourage the buyer to continue; harsh negative responses from sellers have ended more potential sale opportunities than anything else. Individual buyers have their own process and many will increase their offer dramatically when they encounter a positive, inviting reaction.
Don't Over Think & Stay Focused On Why You're Selling
Many sellers tend to read too far into the negotiation techniques of the buyer and become too easily offended. Don't over think what the buyer's strategy might be, rather, realize that it's just a business transaction and that the market place is simply trying to find the true, current market value for your property. The key to staying calm and professional during your negotiation is to stay focused on why you're selling in the first place so that you continue to move towards the goal of a successful sale.
Everybody Has To Agree In the End. Think Win-Win!
Remember that at the end of any property negotiation, both buyer and seller have said “yes” and agreed to a certain price and terms. Neither party will ever feel that they've achieved a perfect deal, because there is no such thing. The final deal is influenced by so many variables that it's impossible to experience a perfect negotiation. The best thought process is to be thankful that a ready, willing and able buyer has agreed to buy your property, which, ultimately, is a win-win situation.
Negotiating the sale of your property can be overwhelming. We are trained, certified and experienced in this critical step, so please feel free to contact us to arrange for an in home consultation on how to thoroughly prepare yourself for the negotiation of your sale.
Once the understanding of the negotiation phase is complete, you are prepared for course module #7, the final step, outlining the closing process.