Before engaging in negotiations, it pays to have a strategy. Devise a plan of attack or a set of guidelines to keep you focused.
Have you considered why you are asking the price you are, and the answer if asked? Have you considered what you will do if there is more than one interested party? Will you take the best offer or give the other party a right of reply?
Here are some points to consider:
If asked about your sale price, what will you say? How much or how little you disclose is up to you, but it’s a good idea to have a sound reason why your property is priced higher than a similar one up the road.
How low will you go? Are you willing to go below your asking price? If so, by how much? Consider your absolute lowest price before entering negotiations.
How long do you wish the settlement period to be – 30, 60, 90 days? Longer? Why?
What if you receive your target price in the first few days? Will you take it or will you wait? How long is the offer good for? What will you say to the people making the offer?
If you have offers from two interested parties, what do you do? Go with the best or give the other party a chance to counter? Will you tell the other party you have an offer? Will you go with the highest offer if it is subject to finance, or the lower that has the funds?
- Talk less, listen more – You’ll find the more you listen, the more you will find out about your buyer. Maybe the buyer has been looking for a long time? Perhaps they really like the view from your front window? These are triggers for you to really start selling.
- Only accept written offers – You may have a pesky prospective buyer wanting to grill you about your price at the inspection. Politely say you are happy to accept written offers, and move on. An offer isn’t a legal offer until it’s on paper.
- Think – In all the excitement, you may say something rash, or not completely consider all your options. Give yourself time to reflect and ponder the offer. Don’t be afraid to say “let me think and get back to you”.
- Always be prepared to walk away – Haven’t got the price you want? Are you willing to wait? Don’t hesitate to walk away.