After all of your hard work and dedication, you FINALLYget a serious offer for your real estate property listing. Now what do you do? How do you effectively negotiate the best deal for your sellers and explain the offer to them, so they completely understand the full spectrum of the purchase contract?
Now you as a real estate agent have a small amount of time to effectively explain to your sellers the details of the offer. Let's face it. Many buyers are offering significantly less than asking price in today's market. You must do your research and show your sellers the current market conditions such as:
- How long has their home been listed on the market?
- How long has their home been listed on the market until an offer came in?
- How many listings have gone under contract in their neighborhood and surrounding communities?
- How much money has the market dropped since you took the listing?
- How much competition is currently on the market?
Next, you must look at the personal situation of your sellers and note the following answers to these questions:
- How much do the sellers owe on their home?
- What will the sellers net if they accept the contract sales price? (Make sure to show your sellers a revised net sheet with all of the expected fees that they will have at closing)
- Are the sellers currently living in the property or is the home vacant? If the home is vacant, you must account for the mortgage, taxes, homeowner's fees, and insurance that your sellers are going to pay if they do not accept this offer. You must relate this information to them, because offers are not pouring in.
- Is the market value in the seller's community decreasing and if so at what pace? You need to include these factual statistics to your sellers when going over the offer.
It is essential to show your seller that you are an expert in the market. Obviously, the sellers enlisted their trust and confidence in your abilities. Now, it is time to truly earn your commission by getting your sellers to sign the agreement or negotiate the contract at exactly what the market justifies. Again, pricing is everything! If you show your sellers current statistics of their market along with the statistics of their personal situation and how much money they will net at closing, you will close more deals and increase your commissions.
In Florida, and I am sure this fact is true around the United States, that sales have declined by 50% just from last year. Knowing this fact, it is important to look at EVERY potential offer on your residential property listings carefully in order to get an executed contract and not loose the buyer. Realtors and sellers must understand that low-ball and unrealistic buyer offers will be presented. But, when a serious offer does come in and it most certainly will if the home is priced at market value, both you and your sellers must consider these offers in order to make an informed decision to accept it or not. Good luck!
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