How Do You Negotiate Best Price… When There Is Only One Buyer?

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The booming market of years passed have meant that real estate agents have become facilitators of sales rather than negotiators of them.

Where there is one house and three buyers who desperately want it, an agent does not have to sell the property. They simply facilitate the bidding process to find the highest paying buyer.

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Internets Impact On Real Estate

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While the internet has brought many positives, particularly the way marketing costs have been driven down thanks to web sites lowering the need to rely on print media and the ease of email communication with buyers en masse, there is a downside.

The history of virtually any property that has been bought, sold or withdrawn from the market in the past can be found on the net.

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Why Print Doesnt Add Up

The internet has just about killed off newspapers world wide. With it has gone the rivers of gold – the classifieds.

Classified advertising for cars, real estate and jobs all underpinned newspaper’s profits.

The rivers of gold for newspapers also created rivers of gold for estate agents. Agents packaged up expensive and largely needless print campaigns that home sellers were convinced to pay for upfront.

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Coming, Ready Or Not

When you first list your property on the market, your greatest desire is also your greatest fear. It’s the early offer. Waiting for the agent to provide feedback after the first inspection is a nerve wracking time. Is the home presented correctly? Is the pricing strategy in line with the market? Will people like it?

If the response to those questions is favourable and a buyer makes an early offer, suddenly the nervous energy shifts. Is it too quick? How long should it stay on the market? It’s only early, we are in no rush.

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The Price Game

It wasn’t so long ago, when a homeowner decided to sell their property the agent would advertise it for the agreed price. The price was set by the agent in consultation with the homeowner.

The advertised price was simply the price the owner wanted – it was straightforward, transparent and honest. Why has the advertised price of many properties today become so misleading?

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Highest Price

The goal when you list your home for sale is to achieve the highest possible price for it.

This seems like an obvious goal for any home seller, yet it is often lost during the campaign.

Agents will focus on days on market, clearance rates or the reserve price. None of these indicators should ever supersede the vendor’s ultimate goal,

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Price Your Property To Move

You have a much better chance of selling your property quickly and for more if you price it to meet the market in the first weeks of the marketing campaign.

This strategy is much more successful than pricing it high and hoping that someone may pay that ‘premium’ price.

You should always be careful of an unscrupulous agent promising you an unrealistic price.

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Do You Have A Buyer

The best agents will always be able to introduce buyers to your property without asking for any money. If an agent claims to have a buyer, as most real estate agents will, that should negate the need for spending money upfront on advertising. Unfortunately, many agents will initially ask a seller to spend money advertising their house (and their agency).

While market conditions are relatively healthy at present, the best buyers will always make themselves known to most of the agents in the area they wish to buy into.

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Before Buying…

Buying a home is one of the biggest steps most of us take in life so it’s important to make sure you avoid some of the pitfalls. Here are some tips for those venturing out to buy a property.

Buying What You Want Instead of What You Need

There are two kinds of buyers; those who buy what they want and those who buy what they need. The public world of materialism is often a private world of financial stress. Do you need four or five bedrooms? Do you need to live in the ‘best’ area? You can buy a better home in a less expensive and less prestigious area.

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Confidential

 

Nearly every buyer asks the question – “Why are the owners selling?” The answer to this seemingly innocent question can have far reaching effects during any negotiation process.

Buyers are always amazed how often an agent will disclose the personal details of their paying client, the homeowner. Innocuous responses such as ‘the owners are going their separate ways’ or ‘they cannot afford to hang onto this investment home anymore’.

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