In an ideal scenario, a seller’s agent would list their client’s property at a certain asking price and a buyer’s agent would come in with a quick offer of full-ask. We can’t tell you here at American Dream Realty how seldom this actually occurs. But what we can share with you is that the best real estate deals are in the ones in which neither party – the buyer or the seller – feels like they made too many concessions along the way.
One of the most stressful situation in any real estate deal is the negotiations. The absolute best thing you can do as a seller is to let your representative agent handle this on your behalf – this is what they’re trained to do. Regardless, we wanted to offer you, the sellers out there, a few tips on how to survive this process and come out unscathed on the other side:
- Try not to get emotional – You had lived in this house, you had loved this house and built a life in this house. It served you well. Now, however, you need to switch gears and focus on your property as a business transaction. Never take a low offer personally. Never.
- Let your Realtor do their job – If you have done your due diligence and hired a professional, experienced agent (such as the ones we have here at American Dream), allow them to handle the negotiations. They will know the comparables, the local market, etc.
- Make sure you counteroffer – While you may find a buyer’s initial offer low and are insulted by it, do not let it fall by the wayside. They are interested so you should try to find some mutual ground at a middle point.
- Don’t sit on an offer, move quickly – In some cases, the first offer is the best and ONLY one you may get. Counter quickly, but don’t tire the buyer out with small concessions, so they lose interest entirely.
Most importantly, if you and your agent have done your homework, know the current market, and the absolute bottom number in which you can go, the process should be a smooth one.
You can always count on our team here at American Dream to help you navigate these negotation waters. Good luck!