If you are selling your house you will know that buyers always try to get the lowest prices possible, which is natural, but sellers should know that they also have the power to influence their selling price. The housing market is currently in a better state than it has been for many years. This means that house sellers stand to gain but it’s worth remembering that the majority of mistakes in property happen during the negotiation process. As a result, if you’re planning on selling your home, it is worth brushing up on your negotiating skills so that you get the most value out of your property.
Many houses are not sold at the asking price because as soon as a potential buyer expresses interest a negotiation process takes place until the sale price is agreed. As mentioned above, sellers do still have a say in how much they get for their house in the end, and most of that is through being able to call on considerable negotiating skills. If you’re thinking of selling your property, see below for the top negotiating tips for selling a house:
In the negotiating process of selling a house, the prospective buyer may have a certain amount of leverage, especially for homeowners looking for a quick sale. Despite this, as a seller you have to try and keep the ball in your court at all times. This means staying in control of the narrative that the negotiation process takes. Tips for sellers include not mentioning a pressing need to sell for example, or any financial trouble you may be experiencing. Divulging such information gives the buyer leverage during negotiations.
Whether you are selling your house through an agent or privately, it’s important to stay vigilant. In a process such as a property transaction there are many people who stand to benefit from the sale. This means that not everyone, even the agent, will always make decisions that are best for you. If an agency asks you to sell your house with us, always ensure they are a reputable company you can trust. By taking a business-like approach and being vigilant for any terms that may end up costing you it is possible to achieve the target value you want for your house.
It is easy to get carried away and start chatting when trying to get to know a prospective buyer but sellers also need to remember to respect the power of silence. As a negotiating tool, silence can be seen as a show of respect for the other party and it also reveals who has more self control between the negotiators. The best way to win any negotiations therefore, is to say less and let your house do the talking. Preparing your property for sale and making sure it is in its best condition is one of the best ways of convincing buyers to cough up the asking price.
As mentioned before, most players in the property market are only interested in their commissions, but there is also no substitute for experience and proven expertise. In that sense it is worth consulting your local estate agent on issues such as the current market prices for similar homes in your neighbourhood, for example. If you are selling through an agent ensure you get the most of your money by hiring a skilled negotiator who will get you the best prices as in that case, they will have earned their fees.
In the same way, if you are faced with late repayments on your mortgage it is always best to sit down with your bank manager and try to negotiate favourable terms. The advantage of doing this is that it will relieve the pressure on you to make a fast sale and instead give you the time required to achieve the highest possible prices.
Another advantage to letting your house sell itself is that there is the potential to create a bidding war for your property. Increased interest and competition amongst buyers is a sure way of at least achieving your asking price, and at best, driving up the value of the sale even further. Its important to remember not to try and fabricate interest in the property as potential buyers may walk away if they feel they can not meet the asking amount, - leaving you with no interested parties. One way some sellers create a bidding war is by refusing to entertain any bids until a certain date, so that when other buyers hear of higher offers they will start to work up the price.
By utilising the tips above during negotiations for selling a house, property owners will be able to stay in control of the discussions and indeed the final sale price, ensuring they get the best deal possible.
If you would like to receive regular email updates containing news stories, case studies, reports and guides from Open Property Group, please provide your email below.
We buy property directly and you won't pay any agent's fees.