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If you want to sell a house then sure you want to do it for, at least, its real value. This is rare, however, because, honestly, most home sellers aren`t good negotiators. They think that just because they have a nice house, or live in a nice neighborhood, things will take care of themselves. But that rarely happens and, most of the time, they end up with a big regret.
Before the internet, a real-estate expert would suggest you look at similar houses in the block and price yours a few grand, but that how things were. Today, selling a house relies more on your negotiation skills, second of course to the condition of the house itself. If you can benefit from some of the tips here, you will have a chance selling your house at your dream price.
Mistake #1: Accepting a Lower Bid Without Doing This
When buyers ask for a lower price, which you should expect, it`s better that you throw in a bonus or two to spice the deal up instead of saying yes, and lowering your asking bid. If you don`t know what bonuses to add, here`s some bonus suggestions according to an article on Realtor.com :
- Offer a jet ski or fishing equipment if you live on or near water.
- Throw in some furniture
- Include window coverings to the sale.
- Offer a gift card for kitchen supplies.
- Give a year membership of any kind. Club, gym, etc.
Mistake #2: Not Having a Plan B
Never negotiating with buyers without having a plan B. This is your safety net against mediocre offers and buyers who may use your need for money to squash you.
Keep some cards in your hand like considering borrowing money from a friend, renting the house till you find a proper buyer or remodeling and settle in for a year or two. No matter what you decide on, don`t give away a valuable property for an inappropriate offer. The least you can do is rent it for a while until you come up with other options. It`s much better than sell and then regret it later.
Mistake #3: Using The Wrong Numbers
Studies found that round numbers like $600,000 or $1,000,000 are not good for property owners since they encourage buyers to negotiate a lower bid. To confirm this, a team at the University of Florida studied five years of real estate sales in Alachua County, Florida, and found that homeowners who asked for specific, non-rounded prices—like $494,500 instead of $500,000— sold their properties faster and at a price closer to their initial offer.
This tactic, though was seen to work best with novice negotiators who tend to interpret this precision as a sign of competence. With experts, however, your non-rounded number should be justified, according to Professor David D. Loschelder, from Leuphana University Lüneberg in Germany:
With amateurs, this number should be very precise; with experts, however, negotiators should either choose a moderate level of precision or back up their highly precise number with a compelling reason.
Mistake #4: Improper Wording
Experts believe how you put your offer impacts the amount of money you will get regardless the real value of your property. A study conducted by a team at Leuphana University found that selling depends on your ability to draw the buyer’s attention to the benefits they will have from buying your property, not the amount of money they will have to pay.
For example, saying “I can give you my house for 450,000 Euros” is more persuasive than “I would like 450,000 Euros for my house”. The first draws the buyer’s attention to what they will get —i.e., your house— whereas the second focuses on the resources they will lose. Choosing your words eloquently will also make it look like you`re offering concessions to move the sale, which adds more perceived value to the property you’re selling.
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