Negotiating the real estate dance requires a bit more finesse these days. There are new steps, extra twists and turns, and wide gaps between what a seller wants and what a buyer is willing to pay. What's the best way to bring these opposing partners together?
1. Education: Begin early and make it a continuous process. Show sellers the competition. Provide pending and sale information in their neighborhood the day it happens. Anchor them in the reality of the real estate market. Ditto for buyers.
2. Communication: Tell them what they need to know before they need the information. A buyer who is knowledgeable about financing terms, recent sales and active listings in their neighborhood of choice is a buyer who will be ready, able and willing to write an offer when they find the right house.
3. Cooperation: Remind them selling and buying a property is a team effort. They need each other, and they will not achieve their respective goals without the cooperation of the other party. They must be willing to connect, accept some give and take and move toward a common goal.
Sellers are weary. They've reduced their price, made their home available to strangers and are doing their best to live in a "ready to show" house that no longer feels like home. Buyers, please be appreciative and respectful of their efforts to accommodate your desire to see and perhaps purchase their property. If you decide to extend the invitational offer make sure it is dressed for acceptance. Include a preapproval letter from a reputable lender and a personal letter along with your offer. Small gestures make a big impression.
Buyers are worried. Prices are still adjusting and job security appears to be an archaic term. These are uncertain times. Buyers do not want to overpay in a declining market and stagnant economy. They do want a house that offers good value based on current market conditions. Sellers, when a qualified buyer chooses your house as the one to make an offer on, I hope you'll dance.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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You are absolutely right. negotiating these days requires lots of fitness . Excellent post . I like that , it's a team effort truely.
Suma, thanks. Approaching negotiations with a cooperative attitude is more important than ever.
Norma, interesting information, not only for realtors, but other real estate professionals, too.