Top Tips To Get The Best Price On Your Seller’s Property
We all want the best for our homeowners. However, sometimes it can be difficult to balance the seller’s expectations and the reality of the property market. We spoke to Ray White New Farm Principal, Haesley Cush, about his top seller negotiation tips to get the best price for your seller.
Sellers and agents have witnessed the wariness in buyers’ attitudes when they’ve been told a property has been on the market for months. Haesley Cush, describes this wariness as a psychological depreciation.
“Buyers’ time on the market doesn’t match sellers’ time on the market,” says Cush. “A property begins to psychologically depreciate for buyers the longer it sits on the market.”
Cush says a property’s first 10-14 days on the market attracts the most pro-active and hottest buyers.
“As soon as a fresh listing appears, they pounce on it,” says Cush. “They move through it like a school of fish.”
If no offers have been made and few buyers have shown interest after 14 days, Plan B of the owners’ and agents’ selling strategy should kick into gear immediately.
Discuss a Sale Strategy
Cush. highlights the old adage of prevention is better than cure when talking of the essential, regular discussions that are needed between homeowners and agents. These should begin before the property hits the market.
He suggests agreeing on the 3Ps of price, promotion and presentation early on. He also says you should revise these after the first two weeks.
“You need to readdress the 3Ps strategy every two weeks,” he says. “The agent should be talking to the seller every day and providing lots of evidence about what they’re doing to drive the sale forward.”
Consider All Options
If the owner is comfortable with their 3Ps and the property still hasn’t sold, Cush says there are only two other options to consider: negotiating with the seller to lower the price, or going to auction. If the owner decides on the former, Cush explains it’s important not to “fish the same pond” of buyers.
What to Do With A Reluctant Seller
You are bound to cross an owner who is determined to stick to the initial strategy. This is often the person who doesn’t have to sell at all costs. Cush explains this is perfectly acceptable but after the first two weeks, these people will still be faced with the “stark reality” of not attracting buyers if they don’t change their strategy.
With these sellers, he suggests negotiating with the seller to change the two other Ps, or otherwise, go to auction.
“For buyers who don’t want to drop their price, they still have these other levers,” says Cush.
“But what a vendor wants and what a buyer will pay needs to hold hands. Also, what the owner wants and what the agent thinks don’t always align with what the buyer will pay.”