What Every Seller Needs To Know In Today's Real Estate Market
The real estate agent is only the messenger
Sellers please take several deep breaths before shutting down on any offer in today's real estate market.
- The agent YOU selected to represent you is doing the job you hired them to do with your best interest at heart when presenting an offer. You selected the agent based on a thoughtful process now give them a chance to do their job and help you sell the house.
- The agent has a fiduciary responsibility to present all offers. It is perfectly normal to be mad when someone writes a low offer on your home. Just remember NOT to take your anger out on the person trying to help you get the home sold. Discuss the offer from a business like standpoint trying to come to a happy medium where both parties are agreeable with the outcome.
- Please remember....it is not the agents fault that buyers are making a low offers. The media is fueling the fire with economic status reports and human nature dictates people trying to get a "deal." You are in charge of your hand so use it wisely to create and sign a counter proposal that all might live with.
- The market is what it is and the agent cannot change the current conditions. Put your feet in the buyers shoes. If you were purchasing a home in today's real estate economy, ask yourself what kind of offers would you make?
- In today's market being creative with counter proposals could help complete your sale. Do you really need all the equity out of your home or are you in a position to carry back with the proper credit checks and legal advise. Is there a possibility of the buyer renting before the completion of the sale. Would renting the property help your cash flow situation? Working with your agent to come up with alternatives to create a sale is why you hired them. Let them do their job in helping you.
- Remember, your first offer is almost always your best offer. Try and put something together.
- When you walk away from any offer, you just bought your own house back. The buyer did not complete the sale and you still own the property so you in effect bought your house again.
- Take the emotions out of the sale. This is a business transaction and you are looking at a pile of assets. You are looking to move the pile of money to another location. Forget all the family memories and the blood, sweat and tears you put in the house. When it comes to selling it should be all business.
Before kicking an offer to the curb think about how you can possibly CHANGE the offer, create a carrot for the potential buyer and create a win/win situation for all parties. Listen and work with your agent.
Try to take the drama out of the initial response to a low offer and turn it into a Donald Trump business transaction. Think about what the buyer really wants and then how to change the terms to meet your needs.
Negotiating is a give and take situation. One party cannot have it all one way or the deal will NOT go together. Think about what you are willing to give up to get what you want. You win by getting the house sold and the buyer wins by getting the home you have to sell.
Receiving a low offer with bizarre terms can make anyone mad at first. It is understandable how you might be thinking about when you listed the property it was a fair price and now a buyer comes in and wants to rip your heart out which is not acceptable to you. This is when you take DEEP breaths, watch the 60 minute video below.
Watch CBS News Videos Online
Now really think about why you want to sell your house and project what could happen if it did not sell this year or even next year. No one including your agent has a crystal ball. Only you can answer and analyse why you need to sell and what happens if you don't sell. As a real estate consultant, I can strongly suggest you READ, THINK and REASON about the current state of our economy, discuss your local market conditions with your agent and then you will get your answer.
If you don't like an offer that comes in on your property PLEASE don't shoot the messenger. The agent you selected is working hard to help you achieve your goals. Be patient and business like in creating a counter offer that works for you and it may just very well work for the buyer if they want your property and you have GIVEN them something in return. This resolution can be a WIN/WIN situation for everyone involved.