We negotiated 4 offers last week. Two were accepted (one buyer, one listing) and two weren’t (both buyers). Not coincidentally the accepted offers were both negotiated in good faith in less then five hours while the non-accepted offers didn’t even receive a response from the seller’s/seller’s Realtor for 20+ hours. Buying real estate is emotional.
If a buyer writes an offer on your home they want to buy it in that moment. As a seller, no mater how low you may think the offer is: respond, counter back, counter back full price if you want (I don’t recommend it), at least participate in the conversation. If you wait too long to respond to an offer the buyer either thinks you aren’t interested in selling or you are using their offer to get others. Either way the buyer has emotionally moved on and has probably already started looking for option B.
“If you want to sell your home in this market you need to be willing to participate in every conversation with an open mind.”
Bulldog negotiating is not an effective strategy in 2019; finesse is key (think Hakeem, not Shaq). Some offers can take days, even weeks before they come together. Talk with your Realtor about a negotiating strategy before you get offer so you don’t have an emotional response. Remember: A Plan > An Emotional Response.
I am not saying give your house away or sell for less then it is really worth. I am saying don’t be arrogant and don’t be afraid to have a conversation. A great realtor will help guide your negotiations, keep the communication flowing and keep the buyer on the hook.
Want the opportunity to negotiation an offer on your home? Well, the first step is getting people through your from door: that’s where we come in. We would love the chance to interview to be your listing Realtor. If I can get you to read this far into a blog post with my poor grammar and punctuation imagine what I can do to get your home sold (something I am actually good at). I look forward to hearing from you.
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Listing information last updated on July 7th, 2020 at 12:00pm CDT.