|
|
A negotiating strategy is a plan of attack, or a set of guidelines to keep you focused when entering negotiations with a buyer. Here are some things to think about when dealing with buyers:
- Why you are asking the price you are, and the answer you will give if asked? How much or how little you disclose is up to you, but it's a good idea to have a sound reason why your property is priced higher than a similar one up the road.
- How low will you go? Are you willing to go below your asking price? If so, by how much? Consider your absolute lowest price before entering negotiations.
- How long do you wish the settlement period to be?
- What if you receive your target price in the first few days? Will you take it or will you wait? How long is the offer good for? You may have to think quickly if the offer is for short time! What will you say to the people making the offer?
- If you have offers from two interested parties, what do you do? Go with the best or give the other party a chance to counter? Will you tell the other party you have an offer? Will you go with the highest offer if it is subject to finance, or the lower that has the funds?
-
Talk less, listen more - You'll find the more you listen, the more you will find out about your buyer. Maybe the buyer has been looking for a long time? Perhaps they really like that view from your front window? These are triggers for you to really start selling your property.
-
Only accept written offers - You may have a pesky prospective buyer wanting to grill you about your price at the inspection. Politely tell them you are happy to accept written offers, and move on. An offer isn't a legal offer until it's on paper.
-
Think - In the excitement of it all, you may say something rash, or not completely consider all your options. Give yourself time to reflect and ponder the offer. Don't be afraid to say, "let me think about it".
-
Always be prepared to walk away - Haven't got the price you wanted? Are willing to wait? Don't hesitate to walk away but make sure you see the previous point before doing that!
Upon selling the buyer is entitled to a final inspection within seven days of settlement. This inspection is to make sure that what they bought at auction or private sale, is still in the same condition. If there’s a problem, they may arrange a follow up inspection before the settlement date. Fix any outstanding issues to ensure the final inspection is FINAL.
Settlement is the final hurdle and when both legal parties will meet to seal the deal. This is the completion of the sale. At this point you get paid the balance of the purchase in exchange for the title of the property.
|
|
