Sell your Home by Owner and Save Thousands of Dollars by Successful Negotiation Techniques
Whoever said that selling your home was easy didn’t do it themselves! Home for sale by owner is extremely rewarding in terms of profits and the money made at the end of the deal, but it requires a great deal of efforts at every step of the process. You need to plan and execute every aspect to its finest detail because if selling home is a big decision so is buying.
The buyer of your property will not shell out money unless they are convinced that their money is being invested in the right place. This is where the negotiation comes into place. It is one of the most crucial aspects of closing the deal and can save you thousands of dollars if done the right way.
Here are some tips that you can keep in mind when negotiating the final price of your property with the prospective buyer.
Create a win-win situation for both the parties
Always aim at creating a quid pro quo deal, that is, each party involved in the process should feel like a winner in the end. The worst thing you can do is to make it look like a one-sided transaction in which case the buyer will walk away even before you can conclude the sale. Remember that you are wasting time and money every time a deal does not reach fruition.
Have all the cards on the table
The biggest mistake sellers make while negotiating the sale of their property is to make it all about the price. Don’t forget that price is not the only part of the sale equation. The other thing that determines the closing of the deal is the terms of sale. It is always better to ask the buyer what is important to them in this contract, apart from the price of the home.
Don’t let feeling interfere with the sale of your home
Our home means a lot to us, this is why it is called a home and not a house. What sentimental values you attach to your property are your own and mean nothing to the buyer. It is even unrealistic to expect that they will cherish that overgrowth on your porch just the way your grandfather did because he loves too much greenery!
Don’t feel insulted when you are offered a price which is lower than the asking price of your property. Just like you are looking for a good deal, so is the buyer. Sometimes your buyers purposely may offer a ridiculous price just to see what they can get away with. Don’t feel offended. Instead, reason out with your buyers why your home is priced at a certain amount. If your prospective buyer is genuine, they will see through your good intention. Allowing your home to sit on the market for too long can put your property in a bad light. Eventually, you may have to sell for a much lower price anyway!
Sure, all of us love our homes. We watched our children grow up there, shared holiday meals with the relatives and remember the love we put into every flowering bush we planted over the years. But those memories mean nothing to prospective buyers, and they won’t be feeling sentimental about Grandma’s Thanksgiving pies when their first offer is well below your asking price.
Allowing your feelings to get in the way of your transactions will only cost you in money. It is better to think rationally instead of letting your sentiments dictate the sale process.
If you want to increase the price, throw in some “freebies”
If you see that the buyer is genuinely interested but for some reason the negotiation stalls, you can also offer some extras that you think can amplify your asking price. These things can include stuff that you can live without or plan to buy a new one because it is more profitable to leave them behind if it helps you in closing the deal.