NEGOTIATING DEALS: CREATIVITY, COMPROMISE, AND DISCRESSION
When you receive an offer on your home, you can accept it, reject it, or counter-offer. 13 As your listing agent negotiates offers on your property, he or she will need to exercise creativity, compromise, and discretion if they want to close the best deal. Here’s a brief breakdown of how these strategies are applied to the negotiation process.
Negotiating Deals – Creativity
Crafting effective counter-offers is a highly creative process. Your agent will employ creativity as they adjust not just the price, but deadlines, conditions, and contingencies in an effort to bring you and the buyer closer together on the deal, all while keeping your needs at the forefront of every decision they make. As with any creative endeavor, the risk to reward ratio is high, as agents can put a lot of thought and effort into crafting your counter-offer only to have it fall through in the end. But like any act of creation, the results can be well worth the effort.
Negotiating Deals – Compromise
Negotiation requires compromise from both you and the buyer. Being flexible is important in securing a buyer in time to maximize your home’s price potential. As you may have read in our article on PRICING FOR PERFECTION, sellers typically receive the highest offers on their homes during the 3rd and 4th weeks after they list, a period known as the “magic window.” But if a seller is too firm on their price, they may miss the magic window and find themselves in the badlands beyond the 4th week, where offers become lower, fewer, and farther between. In this way, inflexibility can end up costing sellers time and money.
Negotiating Deals – Discretion
During negotiation, it’s important to put on a good poker face around your buyers and their agents. A buyer’s agent will use any knowledge about your selling deadline or finances to serve their client’s interests. So watch what you say. Of course, if you hire a listing agent, they’ll be doing the interfacing with the buyers and buyers’ agents. In this case, you’ll want to make sure you’ve hired a realtor you can trust to keep your affairs under wraps as they negotiate.
For years, and in sale after sale, the Authentic Real Estate Team has served the interests of our clients at every step, acting as trusted intermediaries between you and the buyer and fighting hard to get you the price your home deserves. Our team’s creative and adaptive negotiating strategies, combined with our passionate commitment to serving our clients’ needs, lets us guarantee that when you walk away from your home, you’ll walk away happy.