Selling a house can be a daunting experience. If you are in the market to sell a house, you will require social finesse to walk the tightrope that is house selling. You do not need to panic, regardless of whether you are heading a UN peacekeeping delegation or simply disposing of a house, there are some key elements that remain similar in all negotiation processes, these are listed below.
The Framework of all Real Estate Negotiating Tips
Identify the issue: All real estate negotiating revolves around an issue. In the case of selling a house, the issue is getting a profit from your investment. In the worst case scenario, the issue could be to simply break even. This is the first piece of the puzzle.
Analyze the facts: The facts of the matter are the realities on the ground. In the world of real estate, this translates to having an understanding of matters business cycle(s) in the housing market. Simply put you will need to have an idea of prevailing property prices. Lastly, you need to know what you are willing to take against what the market is offering.
Goal setting: This is the last bit of any respectable real estate negotiating tactics framework, and it involves putting to bed the issue that is being addressed. When you are selling a property, your goal is to maximize your profits or in the worst case scenario minimize your losses. This is where real estate negotiating 101 kicks in; to get the best offer that you possibly can from the market, read below.
Negotiating Strategies 101
Price: You have to get it right when it comes to matters pricing. Your price has to respect the laws of supply and demand. This means that you cannot afford to have variations in price that are as wide as a chasm between your property and other similar properties. Forego any emotional attachments that you may have to the property and simply respect the laws of economics. Also, do not mark up the price in the hope that you will get down to your desired price during negotiation. You could be setting yourself up for failure in case you meet a client who is not inclined to bargaining.
Sales Persona: Yes, you have to have a sales persona if you are to get your pound of flesh(sic). When you put on your sales persona, it means that you can parlay the advantages that a given property might have to offer a given buyer. This also means that you can answer all nagging questions that potential buyers might have. A sales persona is not only engaging but also warm and might just provide that needed push to close a deal.
Compromise: This simply means that you can horse trade on issues with potential buyers. Perhaps a potential buyer will only purchase a property if the bathroom is remodeled. You need to ask yourself whether this is an investment that you are willing to undertake with an eye on your profitability. Such is the art of compromise in the world of horse trading(sic). Do not be rigid for you could simply be dancing yourself out of a deal.
Creativity: The best salesmen provide 'out of the box' solutions to problems. You might, for instance, have a problem disposing of a property because you are dealing with a rigid client. Try throw in some inducement, for instance; you might agree to sell a house for a lower price than anticipated if the client elects to take up all rates that are accrued on the land lease. Think about it; you might just get a positive response from an 'inflexible' client.
At the beginning of the article selling a house was stated as possibly being a daunting experience. After equipping yourself with the negotiating strategies presented above, selling a house might not be as daunting as you thought before and might be an experience that you enjoy. Remember the art of the deal lies in understanding the framework of all negotiation and then adapting that to fit in the context of the world of real estate. Learn to think outside the box, be flexible and anchor your expectations on reality and you will be guaranteed to enjoy this experience. All the best as you seek to sell your property.