Negotiation – Ready to Sell?

Keep Emotions Out of the Real Estate Deal

It’s not personal – yet too many people let their emotions rule their negotiations. On the selling side, just because you receive a low ball offer, it’s not meant to insult – after all they are showing an interest in your property – so they must like it. The prospective buyer may have formed their negotiating tactics in another country where negotiation is handled differently, or the buyer has to start somewhere and he may be testing to see how low you’ll go. Either way, if you see the offer as an insult, you thwart the process that may have resulted in a sale. On the buyer side, don’t get out of sorts if the seller rejects your offer or counters with the original asking price. Try again or move on – but it is not personal.

Maintain a business relationship.  If on the selling side and the buyer states that they cannot afford the asking price, maybe this isn’t the home for them. Remember it is business, it is not emotional. If the other side responds to a reasonable offer based on “needing more money for …. (fill in the blank), ask for a reason relevant to the sale. 

Before you put your home on the market, ask yourself “what is the lowest price I’ll accept”?  What concessions? If your home is not selling, revisit those questions. If, after reviewing a competitive market analysis of current sales in your area of properties with similar features and in similar condition, you may need to “re-position” your property at a lower price to effect a sale. For buyers, what is the most you can afford?  The first step is to be pre-approved for a loan. Don’t forget taxes, insurance, upkeep, utilities, and any fees associated with the property (HOA, Country Club). 

Step back and take a look at the “big picture”.  If you are thinking of keeping fixtures (items affixed to the property), it’s best to remove those prior to putting the property on the market. It never fails that if you want to keep a chandelier, the buyer falls in love with the chandelier and suddenly it’s a point of contention.  On the buying side, if the seller won’t drop the price by another $5,000 – are you willing to risk losing your dream home? How much is that $5,000 going to cost in the scheme of things – how much does it add to your monthly payment?

Remain calm, remain focused, look at it on paper – is the sticking point really that much of a problem? If not, resolve the issue and move on.   While a person makes a home very personal to live in, de-personalize when you sell – both physically and psychologically.