Negotiating is often the most stressful part of a real estate transaction because it requires both parties to come to an agreement on what your property is worth. Use these proven negitiation tactics to take the stress out of the process.
Before You Start:
Technique #1: Sweeten the Deal With Low-Value Add-Ons
A little incentive can go a long way, especially with first time homebuyers. Offer to pay for some of the buyer’s title insurance, cover HOA fees for a year, provide a home warranty or give an allowance for some minor upgrades. The cost of these items is much lower than a percentage increase or decrease of the total sale price and it may be just enough to get the buyers to sign.
Technique #2: Ask For a Small Increase
If you’re mostly satisfied with an initial offer, counter by asking for a1-2% increase. Buyers who are concerned about the possibility of losing the property will be likely to accept the counter (and you’ll end up with a little extra cash in your pocket!).
Technique #3: Offer to Split the Difference
It’s not uncommon to go back and forth a couple of times during the offer process. If you’ve already counter-offered once and you and the buyer are close on the numbers – ask them to meet you halfway and settle with a 50/50 split between each of your prices.
Negotiating a home sale price can seem stressful, but if you’re prepared for the process and you know how to ask for what you want, you’ll go to closing a happy seller.