Typical mistakes in real estate negotiations
Negotiation trainers warn: Sellers always make the same mistakes! Do it differently and read this article.
If you have ever sold a property or are in the process of finding a buyer for your property, then you have surely noticed that negotiations between owners and buyers are anything but easy. In such conversations, as a salesperson, you have to be very skilful if you want to achieve your goals and not make too many concessions.
Negotiations can fail all too quickly with a thoughtless sentence. If the negotiations drag on for a long time, it can happen to you as the seller that your prospective buyer finds a better property in the meantime and no longer buys yours.
As a real estate seller, make yourself aware of the biggest problem in your situation: the supply of real buyers is not random. Therefore, you should be grateful to anyone who is seriously considering buying your property and not lightly scare them away.
In this article you will learn about the typical mistakes that real estate sellers make when negotiating with prospective buyers.
Little experience in negotiations
As mentioned in the introduction, the supply of genuinely interested parties is not unlimited. That means you can't afford to use your valuable prospects to hone your negotiation skills over time. After all, it's about a lot of money - your money! Unless bargaining is one of your salient qualities, you should consider hiring a professional real estate agent.
Holding on to an unenforceable position
Some sellers have a requirement in their heads that they absolutely want to enforce, no matter how absurd it may be. For example, from time to time we meet real estate sellers who demand that the built-in kitchen must also be sold, and that for an extra 10,000 euros. As a "meg" they devised that they would not sell the property without this extra fee.
The reality, on the other hand, looks different. For those who are interested, this "combination package" is completely uninteresting. Consequently, he decides not to buy it and prefers to look around for other properties. And another valuable candidate has been lost.
Emotions are brought into the negotiations
For many real estate sellers, their own property is something very special and not just an asset that is supposed to change hands. This strong emotional bond usually makes negotiations more difficult because objectivity is lost. In such situations, a real estate agent has a more neutral view of things and can signal sellers when they should be getting it wrong.
Go into the negotiation with a selling price that is too high
Many sellers think that entering the negotiations with a high starting price will improve their negotiating position. But this is not the case. The problem is that the advertised purchase price attracts the wrong target group. During the viewing, prospective buyers realize that the property is not worth the price and politely decline. There is no point in lowering the price because the interested party simply imagines something else.
As you can see, there are a few things to consider and pitfalls to avoid when negotiating real estate if you don't want to end up losing money. This is only a rough overview, with which we wanted to bring you closer to the complexity of the topic. If some of the points mentioned sound familiar to you and you do not have any time to sell your property, then give us a call. We can help you make one of your next negotiations a success.