Property Negotiations: How to Get the Best Deal for Your Property
When it comes to preparing for a property sale, most sellers focus on the early stage of the process: sprucing up their home and choosing an agent to manage the marketing.
But there’s another element to nailing a successful property deal that gets less attention but is just as critical: negotiating the sale.
How do you know when to accept an offer and when to hold out for more? And what should your strategy be if you have more than one offer on the table?
With such large sums of money at stake, making decisions in the heat of the moment can be stressful, so it’s helpful to work with an experienced estate agent.
A top agent will have negotiated countless deals throughout their career and be able to advise you on the best steps to take.
Here’s an explainer of what it takes to negotiate a good deal to help you choose the right agent to manage your sale.
· Get the asking price right. If your property is overvalued, you’ll be starting negotiations on the back foot. Savvy buyers won’t be fooled, meaning you’ll either have to backtrack on price or leave the property stuck on the market. An overvalued property is also less likely to attract multiple offers (that generate a bidding war).
· Understand the local market. It’s crucial to know what similar properties in your area are currently selling for so you can gauge the competition.
· Learn as much as you can about the buyer. Understanding a buyer’s motivation for moving and the timescale they’re working to is important. That way, you can judge the seriousness of their offer and if they have room to move on price.
· Stay calm. Don’t let your emotions rule your decision-making. Stay cool-headed and don’t take the negotiation process personally.
· Don’t focus solely on the numbers. Yes, you want to secure a good price, but if you have multiple offers, going with the buyer who can move according to your timeframe could save you in the long run. If you’ve already paid for a survey and legal fees for your next property, having your chain collapse could leave you out of pocket.
· Stay positive. You may experience ups and downs on your property journey but keep the faith. You’ll get there.