When responding to offers on your condo there are two essential factors – establishing trust with the buyer and keeping the buyer’s interest. In order to complete the process successfully and make a profitable sale, you have to understand the unique nuances of the art of negotiation. Within this article we’ll look at three factors that you must consider when going through the negotiation process, as you look to capitalize on your most valuable asset.
One of the most important elements within the negotiation process between you and interested buyers is leverage. Leverage is often decided by market conditions at the time. For example, if you’re currently in a real estate market that is experiencing strong sales numbers, you will have leverage over buyers because you know that you will be receiving multiple offers for your hot commodity.
If your home has been on the market for months with barely any interest from buyers, when an offer does come in, that buyer has the leverage and you must be flexible with your negotiation stance. However, sometimes even in a down market, a buyer might be interested in purchasing a property within a short timeframe, this provides you, the seller, with leverage in the negotiations because you can allow the talks to get close to the buyer’s deadline, at which point they may be more willing to meet your price. Remember though that, before attempting any negotiation tactic, it’s imperative to establish the buyer’s true level of interest in buying your condo.
2. The Negotiation Approach
One of the quickest ways to end any negotiation is to begin aggressively. Buyers want to know that you’re someone with whom they can speak to directly and negotiate a fair price. You don’t have to go for the kill from the beginning to make a killing at the end. The soft approach to selling your condo is often the most productive.
It’s also important that you don’t become defensive during the process. Likely the buyer will try to get you to lower your price by talking about the deficiencies of your property. Don’t allow them to get you into a defensive position in this regard. Hire your own home inspector and have a professional statement created that show everything is in full working order before the negotiations begin. This will put you in a great position to be able to relax during the negotiations and allow the buyer to attempt to meet your price instead of the other way around.
3. Building Trust
Most buyers that you meet will be fair-minded people whose only goal is to find the ideal property for their family’s needs. They will be most responsive those who treat them with respect and allow them to voice their concerns. If they feel that you’re treating them well within the negotiation process, they will be more likely to be cooperative in attempting to see the process from your perspective. It’s important though that you’re not too open with the buyer but open enough to allow them to see you as a trusted ally. For example, you should never discuss your finances with the buyer but you may wish to talk to them about your hopes for the future as way of allowing them a window into your way of thinking.
4. Be a Proactive Seller and Reap the Rewards
You have a valuable commodity to your name. This is a property that many people would love to live in, and therefore you’re in full control over the sale process. Remember though that only by working with the buyer, and listening to their concerns intently can you accomplish your selling goals. It takes commitment on behalf of both parties to conclude a streamlined final deal.