Sell your home for Top Dollar in any market - Stage 4
Negotiation - where the magic happens
A skilled negotiator can have a positive impact on your selling price. An unskilled negotiator/agent can be detrimental.
NEGOTIATION - POINT #11
Protect your price - part 1
Never tell your agent why you are selling.
Buyers try to get the price down. If your agent doesn’t know how to protect your Asking Price, you are in big trouble before you begin.
One way buyers look for an edge is to ask “Why are they selling?”. If your agent is not skilled, the buyer gains leverage and the price goes down!
Take Away : ask your agent to demonstrate how they respond to this buyer question. If the agent can’t keep the seller’s details private, the price will go down.
NEGOTIATION - POINT #12
Protect your price - part 2
Never tell your agent your absolute bottom price.
Nearly every buyer will ask “What will they take for it”. Your agent is completely compromised if you have told him the number. At this moment the agent will either spill the beans and give away your home or the agent will have to lie and the buyer will not trust them in the negotiation.
Take Away : Get your agent to demonstrate how they handle these questions, and prove to you that they know how to ‘Protect your Price’.
Negotiating with 1 buyer
Hopefully your marketing and presentation will provide more than 1 buyer. But if you are in the unfortunate situation of having to work with only one buyer, the negotiation follows a traditional back & forth process. Your agent can make a big difference here.
Take Away : ask your agent to show you exactly how he negotiates with a single buyer. If your agent knows what to do, he/she will be happy to demonstrate the negotiation technique.
NEGOTIATION - POINT #14
Negotiating with 2 or more buyers
Now we are in the world of getting an ‘outlier price’. If you have emotionally attached buyers who are fighting between themselves over your property, a skilled agent will extract the outlier price you are looking for.
Take Away : a skilled negotiator knows what they are doing and why it works. Ask them to show you how they get the price up! If they are the real deal, your agent will be happy to show you exactly what they do to increase the selling price.