Selling your home can be a complicated process, especially when you receive offers from buyers that are lower than what you’re asking. How you respond to an offer can be the difference between making the sale and losing the buyer, so it’s important to develop a negotiation strategy before you list your home for sale. Use these tactics to get the best price possible for your home:
Create a sense of urgency
When you counter a potential buyer’s offer, tack on an expiration date for a counteroffer. This proven tactic will get you a quicker response from the buyer, and will ensure you waste no more time than absolutely necessary on buyers who aren’t ready to pull the trigger on a sale.
Pay closing costs
After coming up with a down payment and possibly paying out of pocket for inspections and appraisals, many buyers are less than thrilled to have to fork out more money for closing costs. By offering to cover the closing costs for the buyer, you may negotiate a higher purchase price and close the deal quicker.
Make some concessions
While it won’t make sense to remodel the entire kitchen at a buyer’s request, fixing a few minor cosmetic issues can go a long way in securing a buyer’s offer. Plan for some repair expenses when setting your initial asking price. Then, when the buyer asks for new flooring or fresh paint, you’ll be able to concede without busting your budget.
Counter at your asking price
Some sellers are so worried about losing a potential buyer if they counter an offer that was lower than what they really want. Counter all first offers with your true asking price to keep negotiations open without settling for less than what you deserve.
Reject the buyer’s first offer
This is a more controversial move, but rejecting a buyer’s initial offer altogether lets the buyer know you are aware of your property’s value. Serious buyers will submit a new, higher offer that you may be more willing to work with. Another advantage of rejecting an offer is that you won’t be tied up in an obligatory bidding exchange, meaning you can accept a higher offer from a different buyer if one comes in.
You don’t have to drop to the lowest possible price to sell your home quickly. Prudent negotiation tactics, especially during a buyer’s market, will help you sell fast and for top-dollar. When you’re ready to sell your home in southwest Florida, trust our negotiation experts at Douglas Realty Property Management. We’ve sold homes all over Cape Coral, Port Charlotte, and Lehigh Acres during both buyer and seller’s markets, so we know how to get the best price, regardless of the market conditions. Still on the fence about selling? Try out our rental property management services and see if the landlord’s life is more your style. No matter what route you choose, call us at (239) 542-6906 to find out how we can turn your property into profits today!