What are you looking for?
What kind of property?
In what area?
Your advertised price (asking price) is established and interested buyers are submitting offers. You have by now determined the minimum price you will accept in order to sell (selling price) and have compared your property to similar properties currently for sale in your area. You are confident in the value of your property and ready to negotiate.
When negotiating the selling price of your property it’s vital to remove the emotional attachment you may have to your home. Remember that the buyer’s aim throughout the negotiations is to pay as little as possible for your property, and your aim is to sell for as much as you can.
There are 3 key questions interested buyers may ask the seller during the private sale process:
1) Why are you selling?
This question can help the buyer determine how quickly you want to sell.
Example: If you tell the buyer you’ve found another property to buy or are moving overseas in a few weeks, the buyer will know you have a time limit.
2) How long has the property been on the market?
This question can help the buyer determine if the property is overpriced and your eagerness to sell.
Example: If your property has been on the market for eight weeks or more, buyers may assume the property has not sold because the asking price is too high, the property may have a fault or you are not in a hurry to sell until you get a specific price.
3) What is your lowest acceptable price?
This question can help the buyer determine what price they will offer (if any).
Example: Not all buyers would be expecting a straightforward answer to this question. You can give the buyer a hint and say “I may take around the $350,000 mark” or “I may take between $345,000 -$355,000”.Even if you give the buyer a precise bottom price they will never offer above this price and may even offer below.
Common mistakes sellers make when presented with an early offer:
The seller might feel:
Common mistakes sellers make when a lower than expected offer is made:
Some points for sellers to consider during negotiations:
CONTINUE TO STEP 7
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