The decision of selling your house or any kind of property is perhaps one of the biggest financial transactions you might have to undertake in your entire lifetime. If your home is located in East Kent, you might want to search for East Kent estate agents to make your work easier. They will guide you with an ‘ask price’ for your property which can be easily found out through free house valuation in Kent. Once you get the evaluation reports from the house valuator, you can calculate how much money you will need to pay as your estate agent’s commission and how much profit you can earn in the market.
Here are five negotiation tips and strategies that you can try to execute when selling your home in Kent:
Always counter at your listed price
Whenever you are selling a property, you would not want to accept any potential buyer’s first bid on the house when it is below your asking price. Be aware that most buyers come in with the expectations of a back and forth negotiation. Therefore, the first offer from their side will mostly be lower than your listed price. It may be lower than what they as buyers are usually willing to pay for the house.
Most sellers at this point come up with a counteroffer where the price is higher but it is still lower than the listed price. Have you ever wondered why? Simply because they are afraid of losing out on a potential sale. Sellers want to show flexibility and a willingness for negotiation as they want to close the deal. In most cases, this strategy is helpful and efficient in terms of selling the property. But this is not the best way to earn profit from the transaction. If you want to earn a profit, offer a counter price but stick to your listed purchase price. This will keep prospective buyers engaged, and they will return with a higher price.
Expect some buyers to walk out, but you will stop wasting your time with offers that are too low. A possible counter can be a price that is slightly below your listed price by £1000. This approach is helpful when you are willing to be tough but do not want to be too inflexible so that buyers will be turning away.
If you are bold enough, you can take up an extreme negotiation tactic where you don’t offer any counteroffer at all. Reject it and request them to submit a new offer. This way only interested buyers will come back.
By choosing this strategy, you will exude confidence in your property’s worth and what you are asking for. Buyers who resubmit will be making a higher offer. This strategy is helpful when the property has been on the market for a short time or there is an open house coming up soon.
Making an open house will be useful and become an integral part of the process of selling your property. After putting the house on the market, schedule an open house after a few days and do not accept any offer until the open house takes place. Higher prices will be offered as a result. If there are multiple offers made, go back to top bidders and find out the best offers.
An expiration date on the counteroffer
If you are interested in making a quick sale of your property, you can consider putting an expiry date on your counter price. By employing this method of negotiation on your property, buyers will be hastened to make a decision. Hence you can get your home under a contract or move on to another offer. However, do not make a deadline that is too short.
Say yes to paying closing costs
Sellers paying the closing costs have almost become the norm, and this cost can go up to 3% of the total purchase price. But most buyers are often reeling under the burden of down payment, the expense of moving and add to it the prospect of redecorating. If you come across a buyer who wants you to pay closing costs, counter them with an increased purchase price that is inclusive of the closing costs.
You will have the power of negotiating when the product you offer is superior. Your home should be in excellent condition and have features that are not available in similar properties. We hope these negotiation tips turn out to be helpful and you can earn a good profit from the sale.