Are you thinking about selling your Miami house?
Before you list or sell it on your own, you should have a negotiation strategy in place. That way, you’ll always be one step ahead.
Facts Will Back Up Your Asking Price.
We recommend using concrete facts to validate your asking price. And, don’t forget to take into consideration anything that could be used as reasoning to offer less for your home.
In our latest post, we discuss the best negotiation tips for selling in Miami! Keep reading to find out more.
Inspect First, List Later
Having an inspection done before potential buyers see your home will certainly help you secure your asking price – no questions asked.
An inspection usually costs less than $400 and will determine everything that needs fixing in your home. The best course of action here is to sort out as much as possible (don’t spend tons of cash, though). If you fix these problems before your buyer’s inspection, their report should come up clean and give them less reason to pester you for repairs costs.
Consider Throwing in Extras
Every seller has experienced the following conundrum – a prospective couple or family is looking around your home, speaking freely about how much they love the property. Yet, for some reason or another, they never put down an offer.
As the seller, you thought they were genuinely interested. But, perhaps you could sense they seemed to be on the fence about something.
When this happens, and you sense something is holding the buyer back, improve the deal by throwing in extras!
If they love the furniture or wall art, offer to sell the property as furniture-included (or with certain pieces they like)! The options with this are endless. You could offer a golf-cart, riding mower, kayak… you get the idea! Some buyers are looking for something fun for their new house, while others would prefer a $1000 gift card. Consider incentives; sometimes, even a small token can help get an offer on the table.
Don’t Be Emotional
Before you start letting the offers pour in, you’ll want to set your minimum limit.
Make sure you don’t overprice based on your emotional connection with the house. You need to think logically and set the absolute lowest amount that you will accept for your home. Once that’s out of the way, do not accept anything less than said amount.
If this means you don’t receive any offers, chances are you’ve set the bar too high, or it simply isn’t the right time to sell your type of property.
This is when it’s good to have a backup plan in place. In sales terms, they call it “BATNA.” This stands for “Best Alternative to a Negotiated Agreement.” Let’s say you don’t receive the offer you want but haven’t overpriced the property, have a plan in place to rent the home out, and market the property up for sale again the following year. If you’re prepared with an alternative, you won’t end up selling your house for less than it’s worth. Plus, it will keep you in control. And the last thing you want is to appear desperate or too eager to sell.
Facilitate a Bidding War
If you’re relatively confident that your house will receive multiple offers, it might be a good idea to let buyers know that you will be “reviewing all bids at 5 pm on Friday.”
This will create a bit of a buzz and encourage buyers to be competitive with their offer. Knowing that they’re competing against other offers, people will be less likely to offer an amount that’s unusually low, meaning any offers you do receive will be higher and more worth your time.
If your house isn’t market-ready or the sort of property that attracts a considerable amount of attention, then this strategy isn’t for you. You’d be better off checking out each offer as and when it comes in.
Learn About The Buyer
To help you determine the best way to negotiate with any particular buyer, focus on their needs and what they’re looking for.
What situation are they in? Do they need to move right away? Are they financially able to pay full price? What is their motivation moving?
If they’re expecting and need a larger house, you could emphasize how large the finished basement is or the loft space that’s available for renovation.
Do they like sports? Talk about their favorite team. Creating a friendly and somewhat casual atmosphere will negotiations run smoothly.
When it comes to selling your Miami house, you can always expect there to be some haggling. If you’re prepared and stay one step ahead of the game, you’ll be more likely to secure your listing price!