Sign In

2 Negotiation Tips to Get Top-Dollar When Selling Your Home

house design

2 Negotiation Tips to Get Top-Dollar When Selling Your Home

The experience of selling a home is often a process that can easily prove to be one of the most pivotal ones that you will experience in your lifetime. Regardless if you’re parting with your family home or offloading a previous real estate investment, the property selling experience is one that can prove to be both challenging and fulfilling. At this point, it’s safe to say that learning to sell a home is a crucial skill that anyone should learn because no one ever knows when such an opportunity will arise. 

As you go through the motions of the home selling process and do what you can to ensure that everything runs smoothly from start to finish, you’ll likely deal with a handful of different factors worth worrying about. One of these factors is the process of negotiation, which is a factor that can easily affect just how much money you’re going to walk away with. 

Key strategies and best practices well worth considering

If you’re new to the whole idea of selling your home and getting top-dollar for it, the chances are that you’re a little less familiar with the ins-and-outs of negotiating than expected. Considering that the way you negotiate your deal will affect just how much money you get to walk with, it’s safe to say that you’ll need to brush up on these best practices: 

The firestarter

Although it may be a simple practice, the firestarter strategy is something that’s guaranteed to net you top dollar on your property. It essentially seeks to create a bidding war, where more buyers are guaranteed to puff the price up until you get the most profit.

Creating bidding wars often comes as an opportunity in the span of time between listing a home on the market and the last scheduled open house. It may seem like a rather simple and menial process, but using your home’s atmosphere being showcased and not entertaining offers until after leverages the power of psychological nudging unlike any other. 

By taking the time to wait before considering and accepting offers, you’ll be able to make potential buyers feel like they’re competing with others for your home—causing them to raise their offer. Once you start getting the back-and-forth going and maintaining a psychological edge with counteroffers, you won’t have to worry about missing out on a boosted profit opportunity ever again. 

The HODL

Similar to how investors and cryptocurrency buyers hold their investments until they make a profit despite less-than-desirable market values and reports, the HODL strategy is one that involves staying at a list price.

Typically, the regular exchange on prices and offers goes something like this:

  • The homeowner lists their price
  • Prospective buyer offers much lower than said price
  • Homeowner offers a price that’s slightly lower than their listing price but is higher than a buyer’s offer

The big mistake with regular exchange is that homeowners end up selling themselves short and missing out on the opportunity to get as much profit as possible before they even come remotely close. However, going against the grain by maintaining a firm stand on your list price will prove to result in a more advantageous experience because anyone who wants your home will be willing to adjust. Instead of trying to meet a buyer halfway on a lowball offer, just maintain your stance with the list price, and the buyer will give in because they have room to spend!

Conclusion

As you approach the moment where you must now part ways with your home and move on to better opportunities, it’s critical to understand that getting as much profit as possible requires negotiation. Thankfully, following this guide will allow you to negotiate to the best of your abilities and ensure that you end up with the best price that does your soon-to-be-former home justice!

Everything Real Estate is your top resource on everything you need to know about the Edmonton real estate industry, including the widest range of real estate negotiation tips. Stay up to date by checking out our articles and resources today!

Sign In Local Real Estate

For faster login or register use your social account.

or

Account details will be confirmed via email.

Reset Your Password