Negotiate Like A Pro: 7 Tips That Can Help Home Sellers Close the Deal

By
Real Estate Agent with RE/MAX Realty Center

Selling your home is a big deal.

 

You will be involved in a major financial transaction. In order to secure a successful and quick sale, you need to understand this multi-step process. You need to think about preparing your home for sale, marketing strategies, and holding home inspections.

 

Once the offers start to roll in, the next step to think about is the negotiation.

 

Waukesha WI homes for sale- Negotiating a successful sale of your Waukesha WI home requires planning and preparation.  

Negotiating for a home is important because this is the largest asset most people own and there’s potentially a lot of money at stake. In real estate, some of the biggest mistakes happen during the negotiation process. In fact, negotiating offers is one of the toughest hurdles sellers face.

 

There are instances when the buyer is too stubborn and the seller yields easily. Other times, the seller can become too unyielding and loses the buyer completely.

 

Sellers want the highest price for their home while the buyers want the best deal. In order for the deal to close, the two have to meet somewhere in the middle. The goal is to reach an agreement on the deal’s terms, which include the price, timelines, contingencies, and items that may come with the property.

 

You must keep in mind that the selling process requires balance. You can play hardball, while also being reasonable.

 

As a seller, your view of an acceptable offer is entirely relative to your priorities and needs.

 

Here are some points to consider:

 

Are you selling because you want to sell, or because you have to sell?


What are your baseline sale price requirements?


What are your “must-have” and “like-to-have” conditions and terms?


How long has your home been on the market?


How many offers have you had?


How are home prices doing in your area?


Have you made an offer on another home that’s subject to selling yours?

 

Waukesha WI homes- When selling a home, some of the biggest mistakes happen during the negotiation process. 

You have full control when it comes to deciding whether to accept an offer or not; nevertheless, it’s best to be armed with negotiation skills when trying to sell your Waukesha WI home. In most home negotiations, the party that’s most prepared is generally the party that wins.

 

Here are a few tips that can help:

 

TIP #1: LEAVE YOUR EMOTIONS AT THE DOOR


Selling a house is an emotional process, especially when you have lived in it for a long time. It’s where you have had some of the most memorable moments in your life.

 

However, no matter how much your home means to you, you have to remind yourself that this is strictly a financial transaction.


Here are some ideas to help you detach from your house when it’s time to sell:

 

Real estate for sale in Waukesha WI- Knowing your priorities and needs will help you negotiate a successful sale for your Waukesha WI home for sale.

 

1. Think of your home as a product to be marketed


The best way to go about this detachment process is to see your home as a product that you have to sell.

 

2. Make Your House Less Personal


Remove any personal items. Doing so will give you a sense of peace and acceptance. It will also help potential buyers picture themselves as the next homeowners.

 

3. Focus on the future


Start thinking about your new home whether or not you have already bought it. Focusing on the future and imagining the wonderful memories you will have in your new home can significantly lessen your feelings of attachment.

 

4. Find Professional Support


Aside from getting help from family and friends, it’s also a good idea to find professional support.

 

Let me put my skills to work for you! I am Kristin Johnston, your top real estate agent in Waukesha WI.

 

As your agent, I will work closely with you, help you stay on track, and provide you assistance every step of the way.

 

Find out what my previous clients have to say about me and the services I offer! Visit http://www.kristinjohnston.com/testimonials/.

 

It will be easier to negotiate when you keep your emotions out of the process. You need to take the time to make calm and calculated decisions based on facts. This way, you’ll get better results and you’ll lessen the amount of stress that comes from negotiating.

 

Some interested buyers may make negative comments about your home in a clumsy attempt to secure a lower price. When this happens, don’t take things personally.

 

Do your best to stay level-headed throughout the entire process.

 

TIP #2: UNDERSTAND LEVERAGE

 

Waukesha WI real estate for sale- No matter how much your Waukesha WI home means to you, you have to remind yourself that this is strictly a financial transaction.

 

Negotiations are all about leverage.

 

As a seller, you need to take some time to learn how to create the leverage that you need in order to negotiate top dollar for your home. Leverage is the power to influence the other side to move closer to one’s negotiating position.

 

During a negotiation, each side’s leverage is the primary factor that will determine how the transaction will turn out. Whoever has leverage wins so learn where you have advantages, and use them to strengthen your negotiating position.

 

You can keep the ball in your court by simply keeping some information to yourself. This will help you control the structure of the negotiation.

 

For one, you don’t have to mention your deadline. Don’t let your buyer know that you’re behind on your mortgage, or getting a divorce, or moving across the country. Doing so will give them unnecessary leverage.

 

There are two critical keys to creating the leverage that you need in order to negotiate the best price when selling your home. These are exposure and price.

 

If you inform everyone that your home is for sale, but you price it incorrectly, you will not create the leverage that you seek. On the other hand, if you price your home too low, but do not tell enough people, you will not create the leverage that will gain you top dollar.

 

Remember that the highest price comes from attracting multiple buyers that you can lever in order to negotiate from a position of strength.

 

Watch the video below and learn how to create more leverage leading into a negotiation.

 

 

TIP #3: EXPECT THAT THE FIRST OFFER WILL USUALLY BE LOW

 

Most of the time, buyers will make a low initial offer in order to leave room for negotiation. In fact, it’s rare for buyers to agree to the listing price right away.

 

When this happens, some sellers think they need to make a counter that’s lower than their list price so they don’t lose the buyer altogether. However, this may not be the best strategy.

 

You can counter offer with your original list price. This sends a message that you know what your home is worth and that you are not willing to let it go for less. If you have priced your home correctly, then a truly serious buyer will remain in the negotiation with you.

 

It’s alright if you lose a potential buyer because they feel you are unwilling to lower your asking price. These aren’t the buyers you want anyway. You don’t have to waste your time on buyers who only make lowball offers, and who aren’t so much interested in buying your home as they are in getting a bargain.

 

You can also consider countering at a price that is slightly lower than your list price. This can help prevent turning off buyers while still making sure that you get top dollar for your home.

 

Remember, there’s no harm in countering in an effort to reach a mutually beneficial compromise. If you believe your home is priced fairly for the current market, you can always make a counteroffer at your original list price.


As your agent, I can help you set the right asking price for your home. Here are some of the ways I can help you:

 

I can provide you with a comparative market analysis, which is a comparison of recent homes with similar amenities that are available, in escrow and sold


I am familiar with the terms and conditions that went into individual sales, not just published sale prices which may not reflect various premiums, discounts, and adjustments


I can easily determine how much your home has the potential to sell for and help you set the asking price accordingly

 

Waukesha WI homes- As a seller, you need create leverage in order to negotiate top dollar for your Waukesha WI home.

 

TIP #4: SET A DATE FOR REVIEWING OFFERS

 

Homes in Waukesha WI- If you price your Waukesha WI home correctly, then a truly serious buyer will remain in the negotiation with you.


Another way to gain leverage as a seller is to set an offer review date. It is a deadline that the seller and listing agent designate for reviewing all potential offers. They will then review them and pick the one they like best.

 

You can tell a potential buyer that all offers are going to be considered at the same time on a specific date. This will create an environment of competition, with buyers feeling the pressure and offering above list price.  You will have greater leverage when you receive more than one offer. You can also end up getting a higher purchase price or better terms than you would with only one offer.


Here are other benefits of setting an offer review date:


It allows time for more potential buyers to see your property.


It indicates to the public that demand is expected to be high and therefore piques interest.


It encourages buyers to act with haste.


It encourages serious buyers to make serious offers.

 

TIP #5: KEEP AN OPEN LINE OF COMMUNICATION DURING THE PROCESS


A negotiation is a communication process in which both parties discuss details and attempt to reach an agreement via dialogue. Communication plays a fundamental role in real estate. Strong communication skills lead to successful negotiation.


Ensure you’re communicating clearly about your price expectations and the value of your home. It’s also a great idea to provide any explanations for any changes you made whenever you deliver your counteroffer. You also have to be reasonable with your requests and put yourself in your buyer’s shoes so you can better understand his or her situation.

 

Ensuring that communication is effective can improve the entire process and result in a quick transition to escrow. In addition, transparent negotiations expedite the process and keep everyone on the same page.

 

Watch the video below and learn more about communication in negotiating your home sale:

 


TIP #6: SET AN EXPIRATION ON YOUR COUNTER OFFER

 

Homes for sale in Waukesha WI- Another way to gain leverage when selling your Waukesha WI home is to set an offer review date.


When a buyer submits an offer that seems unacceptable to you, you counter their offer. Doing so will put you in a legally binding negotiation with that party. This also means that you can’t accept a better offer if it comes along.

 

In order to sell your Waukesha WI home quickly, you may consider setting an expiration time on your counter offer. This strategy pushes the buyer to decide so you can either get your home under contract or move on to the next potential buyer.

 

You also have to remember that when a negotiation is underway, many buyers will be discouraged from submitting an offer. If the deal is unsuccessful, you've added time to the official number of days your home has been on the market. You know that the more days your home is on the market, the less desirable it appears. You are more likely to lower your asking price in order to get a buyer.

 

Consider adjusting the time frame to a period that will work best for you. Just don’t make the deadline too short. This helps move the negotiation process along faster as well as not keeping you locked in with any particular buyer for too long.

 

TIP #7: RELY ON KRISTIN JOHNSTON

 

Prospective buyers usually have a buyer’s agent representing their interests. In the same way, you should also have a listing agent who will represent yours. That would be me. Negotiating offers is where my expertise as a real estate agent will really help you.

 

The best thing you can do when you’re negotiating the sale of your home is to have an experienced agent on your side. Here are some reasons why it pays to have a real estate professional on your side:

 

1. You can maximize your profits by working with an experienced agent who is familiar with the local market and is adept at negotiating.

 

2. Your agent will have no emotional attachment to the home, allowing her to approach the situation in a calm and reasonable manner.

 

3. Your agent will have access to market data for comparable homes in your area. This is a huge advantage.

 

4. Your agent will be familiar with the latest market conditions. The market can change at any time. Having an agent who does a lot of sales volume will ensure that you’re working with someone who is truly “in the know.”

 

5. Your agent understands who your home is perfect for, and who wouldn’t be really interested. This will help determine how seriously to take offers and can speed up the sale of your home.

 

6. Your agent has strong negotiation skills. Real estate deals require specialized knowledge. With a skilled negotiator, you will be ensured that the process will go smoothly and that everyone will be satisfied.

 

Waukesha WI homes for sale- In order to sell your Waukesha WI home quickly, you may consider setting an expiration time on your counter offer.

 

Let me do the heavy lifting for you! With me as your agent, you can step back and relax knowing that your home sale is in the hands of a trusted professional.

 

THE BOTTOM LINE


Negotiation is essential in the sales process. However, the key to executing these negotiating strategies successfully is to ensure that you are offering a truly desirable home.

 

If you want to have the upper hand in negotiations, you need to make sure that your home is in excellent condition and priced correctly. This way, you’ll be able to close the deal in a way that favors you!

 

Call me, Kristin Johnston at 414-254-6647.  Allow my skills to be your guide in selling your Waukesha WI home.

 

Like what you’ve read? Feel free to share!

 

Posted by

 GIVING BACK WITH EACH HOME SOLD!

 

 

ires

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Location:
Wisconsin Waukesha County Oconomowoc
Tags:
kristin johnston
waukesha wi homes for sale
homes for sale in waukesha wi
real estate for sale in waukesha wi
waukesha wi homes

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,664,127
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Great questions to ask Kristin Johnston - REALTOR® , i like to ask these and have the seller ask themselves right after we sign and before we even get an offer 

Mar 13, 2018 06:51 AM #1
Rainmaker
1,975,355
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

This is great! So much valuable information here for sellers. I hope it gets Featured Kristin, it certainly should be!

Mar 13, 2018 07:47 AM #2
Rainmaker
2,737,470
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Scott and Sharon!

Mar 13, 2018 08:03 AM #3
Rainmaker
659,767
Nick & Trudy Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtors, Philly Main Line

Great post filled with excellent information Carol Williams this is a great post for your Second Chance Saturday reviews.

Mar 13, 2018 10:31 AM #4
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Kristin... great tips... and of course, #7 is the very best! Loved the infographics.

Mar 13, 2018 11:03 AM #5
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Carol Williams ~ hi Carol... my suggestion for Second Chance Saturday if it doesn't receive a gold star first.

Mar 13, 2018 11:03 AM #6
Rainmaker
4,043,614
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home sellers swill read this post and call you to be their agent. I agree with Nina this should be featured. I love the infographics

Mar 13, 2018 01:02 PM #7
Ambassador
1,297,080
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

This epic post is a departure for you, good job! Filled with excellent info. I would possibly disagree with expecting that first offer to be low...it totally depends on the market and how hot it is and if there is little inventory, thus creating a bit of a frenzy, which has happened in the Portland OR market for example. $30-50K over asking price has become the "norm"--CRAZY!

 

Mar 16, 2018 01:22 PM #8
Rainmaker
2,737,470
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks every one for the kind words and comments!

Mar 16, 2018 02:15 PM #9
Ambassador
3,336,071
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Kristin- Wow- nicely done!!!  I think learning to remove the emotion is so important as you said. 

Mar 16, 2018 06:52 PM #10
Rainmaker
3,445,776
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Kristin Johnston - REALTOR®,

I'm so glad this was featured in Carol Williams Second Chance Saturday series because I missed it! Nicely done and really surprised no gold star..AR Gods must be sleeping!

Mar 17, 2018 07:45 AM #11
Ambassador
3,609,724
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Kristin

This is really well done with a wealth of great information about negotiations. You clearly gave it a lot of thought! And the infographics are a great help!

Jeff

Mar 17, 2018 03:26 PM #12
Rainmaker
1,189,454
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Wow, what a lot of information here! Negotiating is a critical part of home selling/purchasing process. Removing emotions is definitely important as is everything else you mentioned.

Mar 18, 2018 03:18 AM #13
Rainmaker
2,737,470
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thank you all so much!  And thanks for the feature Carol!

Mar 18, 2018 07:48 AM #14
Ambassador
1,695,260
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Kristin Johnston - REALTOR®  What a great post ! I am so glad that Carol Williams  Featured this as I missed this. Wow wonderfully done . A real winner

Mar 19, 2018 12:32 PM #15
Rainmaker
2,737,470
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Hannah!  I have to thank her!!

Mar 20, 2018 06:45 AM #16
Rainmaker
350,543
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

Thanks for a detailed look at negotiations.

I am often surprised how many buyers look at a property and declare it is priced too high and move on. They feel that there is no room for negotiations. A good agent can often help them get the property at a marketable price.

Sellers often do not care what the market says, they "have" to get a certain amount. They will not even consider negotiations.

Mar 26, 2018 09:22 AM #17
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
2,737,470

Kristin Johnston - REALTOR®

Giving Back With Each Home Sold!
Do You Have A Real Estate Question?
*
*
*
*
Spam prevention

Additional Information