Determining the value of a property is one thing. It is quite another to negotiate the desired price with the potential buyer. Is it better to quote a price that is too high in order to have a good basis for negotiation or should you rather start small and hope that the prospective buyers will outbid each other?
Before you start price negotiations, it is important that you know exactly how much your property is worth. You should have the value estimated by an expert in order to be able to defend it confidently in a negotiation. However, you should not take the real value as a basis for negotiation, but rather consider a suitable price strategy. Owners often make the mistake of setting the price too high in order to have a large negotiating margin. This tactic is problematic, however, because a price that is too high makes the offer appear dubious and deters prospective buyers. Currently, demand on the real estate market is very high. Therefore, it is much more advisable to choose a sales value that is lower than the real value and thus get various prospective buyers to bid. Alternatively, you can also opt for the moderate price strategy. This is only slightly above the real value and is thus perceived as fair. This strategy leads to a short negotiation period and a sales price with which both parties are satisfied in the end.
As in any negotiation, it is important to appear confident when negotiating the price of a property. Often clients specifically pick up on the shortcomings of your property and hope to achieve a reduction in the price as a result. Therefore, you should know all possible weak points and deal with them openly from the beginning. This makes it clear that you have already taken these deficiencies into account in your price calculation.
You need someone to support you in price negotiations? We are there for you in every situation of the sale.
Photo: SARINYAPINNGAM
