Professionals Tamworth When you’re preparing to sell your home, the goal is to have multiple buyers competing with each other to secure it. This will push the rice up and give you a fantastic result.
While your agent will do everything they can to bring the maximum number of buyers through the door, if it is a quiet week or there are other quality homes for sale in the area, you may only end up with one interested party who wants to negotiate to see if they can score a bargain.
Here are some of the points buyers may raise in their efforts to reduce the asking price:
1. Structural Issues
The most common negotiation points relate to physical and structural issues with a property. Motivated buyers will request an independent property inspection and receive a long report from an expert who has gone through with a fine toothed comb.
Issues raised can range from cracks in walls to mould and leaks in the bathroom. Property inspectors may identify a pool fence that is not up to safety standards; this is usually because regulations change over the years.
It’s important to be awear of as many structural issues as you can before you go to market. If you don’t have the funds to fix them, you can at least be aware that a buyer will notice them and potentially use them to justify a lower bid.
2. Look & Feel
Outside of structural issues, buyers will point out things that need cosmetic work, for example an older kitchen and bathroom. They may also say they like the house but have issues with the layout or lack of storage.
Before you sell, take the steps to maximise the first impression, e.g. by giving the kitchen a bit of a facelift and styling the home so the floor plan makes more sense. If you can add built-ins or air-conditioning, you’ll reduce the opportunities to object. These can be relatively cost-effective investments and can help to sell your home for more.
3. Apples VS Oranges
The other big negotiation factor is the other properties in the area and the amount they are selling for.
Buyers and buyer’s agents sometimes try to negotiate down to the square meter size of the property. If a large home has sold for less than you are asking, they may raise this as an argument for paying less. You and your agent have to be prepared by knowing the market. A quality agent will be able to counter something like this by pointing out that your home is in a quieter location or is closer to the train station and shops.
It’s important to check out the local competition and see what homes are selling for. If you can up the ‘wow factor’ on your place, you’ll have more competition from buyers who are excited to secure the home without fussing over small details.
Before you choose your agent, ask about what buyers might not like about the property & what helps homes in the neighbourhood to sell for more. This way you can make a plan and be prepared to overcome objections.
Allow your agent to negotiate on your behalf. They have experience and know what to say to achieve a win-win outcome.
