How To Negotiate the Best Price for Your Home

How to negotiate the best price for your home

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Negotiating is a skill that can be learned and honed. Prepare yourself for the negotiation process by discovering how to negotiate the best price for your home.

1. Understand the buyer

During the visit, ask your potential buyer a few questions to learn more about their expectations and current situation. “How long have you been looking for a house in the neighbourhood?” and “When do you expect to move?” are examples of questions that will help you obtain information that could be useful.

If the purchaser agrees that the neighbourhood is unsuitable or that they must move quickly as their family is growing, you will be able to decide whether to settle the transaction quickly. This can give you a major advantage.

2. Be ready to justify the asking price

If you are armed with comparable or detailed assessment reports, you will be prepared to justify the price that you are asking for your home.

On the other hand, if the price seems to have been unfairly set, the buyer will have ample opportunity to question your asking price. Make sure you are ready to defend yourself and your property’s listed price.

3. Don’t close any doors

Even if you have initiated discussions with a potential buyer, continue to take calls and visits. Sometimes the first buyer fails to fulfill all the conditions included in the offer.

If you receive more visitors, keep them informed of the situation. If they decide to make an offer, they will know that you will not accept a price lower than you expect.

4. Negotiate in person

Negotiating by phone or email is not as effective as doing it in person. If the buyer is in front of you, you can read the non-verbal language and discuss certain details in more depth.

With the phone and email, errors caused by miscommunication are more frequent.

5. Don’t get frustrated

Always remember that the goal of a negotiation is to find a common ground and not to bend your potential buyer. Show that you are open to discussion so that everyone can find a happy medium. Stay focused on the sale and put your ego aside. Not selling for a few thousand dollars’ difference is not worth the trouble in the end.

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