Selling? Here’s how to get your full asking price
10 October 2019 | Business
“These days, sellers are not ill-informed. Thanks to internet access and property portals, buyers have access to all sorts of information that they can use against sellers to lower the asking price. For sellers to negotiate towards achieving their full asking price, they need to be as well researched as buyers are, so that they can convince the buyer that their property is indeed worth the full asking price in comparison to what else is available,” Goslett says.
Below are some tips for sellers who want to sell at full value:
• Don’t give buyers a foothold on which to haggle down your price
To sell for the full asking price, all issues that buyers would have to address themselves once they move in, such as chipped paint, yellowing ceilings and scratched cupboard doors, ought to be addressed before the house goes onto the market. Beyond this, sellers should also conduct thorough electrical and plumbing inspections priors to the negotiation process, and have all necessary planning approvals and compliance certificates in place so that they can prove that no further work is needed on the property after the new buyers move in.
• Arrange for back-to-back viewings
To give buyers a sense of urgency, sellers could arrange for multiple viewing appointments on the same day. This gives buyers the impression that the property is in high demand, which may push up their offer. Apart from this, arranging for multiple viewings close together increases a seller’s chance of receiving more than one offer from which to choose. This gives a seller confidence to be a little more persistent in terms of their asking price.
• Don’t be afraid to negotiate
Rather than turning down offers right off the bat, engage with the buyer to find out why they are offering less than the full asking price. At best, this conversation can lead to some sort of a compromise where the buyer and the seller meet each other halfway. At worst, the seller discovers a possible reason why buyers aren’t willing to pay the full price and can address the issue to achieve full value when the next buyer comes around.
As a final piece of advice, Goslett recommends that sellers partner with an experienced real estate professional who they can trust to negotiate on their behalf.
“Real estate professionals deal with these kinds of transactions every day, which means that they have mastered the art of price negotiation. They also know local market conditions better than most (if not all) buyers and sellers, which means that they will have the best chances of convincing a buyer that the property is worth what it is being marketing at. If you want to ensure that you sell for full value, then you ought to partner with a real estate professional with a proven track record of sales and a genuine concern for your best interests,” Goslett concludes.