Negotiating on the sale price of your home is quite a big deal, and we know, that with the advancements from DIY agents there are many people who are negotiating over messages on the biggest deal in their lives.
Nb: if you are negotiating on your own home, you’ll also want to read this one too:
So who should do the negotiating?
You are attached to the home, you are likely to love your home just as it is. Chances are your children have grown up there, you have views you still love and you’re very fond of this home. You know that you ‘have’ to move rather than want to move, so the things you value most, are things that others may not.
Knowledge really is power.
When negotiating on anything to be in a position of strength you need to know, what, why, and how. When speaking with your buyers direct they cannot and will not be open to giving you the information directly, about how much they love it, why they are moving and how they will be funding the purchase. Meaning, you do not know HOW much they will be prepared to pay as you don’t know HOW much they love it.
What if they are experts in negotiation and you are not? They’ll have an unfair advantage. An agent gives you a buffer, enables you to get the information you need to make an informed choice about your next steps.
The agent will find out a buyer’s motivation and desire for your house and advise you accordingly. If they know that person has seen 4 houses and two of them were perfect – that is important information to you. If they’ve hated everything except for yours, that too is important and both statements may make you take a different course of action.
Fear of offending
For the same reasons I don’t feel you should show your own house to a viewer or negotiate yourself too. Buyers won’t be honest about why they are submitting an offer. For Instance, they may not like your décor and need to re-do the kitchen completely, but, won’t qualify that to you. Therefore not helping as this could offend you if you love your kitchen.
A – By taking offence to constructive feedback you can hinder your ability to listen to any further negotiating this couple may do.
B – Information like this is very useful for us as agents as it helps us find another alternative way around a negotiation such as the tangible/non tangible items to creep the price up higher.
Don’t like you
Interestingly, meeting people and building rapport is a part of life, however, there are times where you just don’t gel with everyone. If you’ve failed to build rapport, negotiating can be much more difficult. There’ll be a lot of reluctance on both sides, meaning getting to a deal where everyone is happy is less likely.
To have a person in your mind when you are negotiating can make things more difficult as you perceive that answers to questions and lower offers to be obstructions and negative.
Negotiating should be done in person, or over the phone. Word and visual clues are important to listen for that can give you the edge. Hesitation or non-straight answers could be nerves, or they could be telling you something that helps you, with their commitment to the purchase to see it through. This can and does help you make the right choice.
Listening for these things with an emotional attachment where you are ‘wanting’ to sell is very difficult, and the overriding desire to sell to ‘someone’ can cloud your judgement.
For DIY agencies, they use a special messaging system, where offers are submitted via text, and accepted or rejected.
I’m lost for words here
You cannot negotiate successfully on an email. Just don’t, you need someone to speak with them, what if you accept and they would’ve gone higher? What if you reject and they offered just £1000 less than you wanted but could give you 8 months to find your perfect home?
The whole sale
Successful negotiation is not just about the price you agree either. It’s about building trust and bond through to exchange and completion. There are many hurdles along the way that may need negotiation over price, timescales, furniture, insurance documents. Only a strong bond and build-up of trust can overcome these things. When you start to get frustrated and communication via email to your buyer can break down to the point a buyer may walk. I’ve seen it happen. Always let your agent negotiate for you.
For you to feel and know you got the best possible deal you have to know you have taken them to what they are prepared and they have to know they’ve tried everything to get the best deal too. This is a perfect balance, which keeps everyone at the table through to completion, and only a third party, can get both of you there
We love to help people move to their next dream home, if you’d like any more advice please feel free to pop in or give us a call