There are many offerings available in the secondary real estate market at the moment. The said situation has caused a drop in prices of such properties across the country and has urged property developers to rethink about what is essential in the creation of a home. This has resulted in the launch of various new residences that are compact and have practical configurations.
Also read: Call For Malaysian Developers To Reduce Home Prices
This situation could cause the pricing of properties in the secondary market to stagnate for quite a while. Don't fret, this situation can be turned around if you look out for property buyers that are looking for niche and specific properties for their unique lifestyles. These include homebuyers looking for homes that can accommodate larger as well as multi-generational families.
Larger homes that are required by bigger families are just one type of niche property that buyers still look for today! What you should do when selling a home is to stand your ground, understand how much value your property can realistically sell for and proceed with your pitch!
This time could prove to be the best time for serious homeowners to secure a property thus, take a look at some of the simple things that you should learn, to negotiate like a pro when selling a home in this trying times faced by the property market!
Source: unsplash.com
Play your Cards Well
Most property sellers would agree that with the current conditions of the market, making a successful property sale can be quite a tall order.
Read more about: Ways to Increase Visibility of your Home Listing on Property Websites
However, a property seller should always remember that prospective buyers should not have any idea of what a seller is going through personally, no matter how hard it gets!
Doing this will give a better impression of a seller to prospective buyers. This way the seller should be able to have better control of any negotiation that takes place.
At times when one attempts to gain the trust of another, we may share too much about ourself including our personal problems and emotions. Yet, when it comes to buyer-seller relationships always filter what you share.
Sellers need not reveal marital affairs, challenges faced with making payments due to lower sales or even discuss the sluggish situation of the property market.
The best thing to do is to stay positive and to focus on what the client wants as well as keeping conversations related to what your property has to offer and whether or not it will match client requirements.
Source: justdial.com
Confidence is Key
When making a sale, it is easy for one to focus on the dollars and cents, and get carried away with how much profits one would make from a particular sale.
This can lead to the seller losing the client, due to appearing overly confident. The best thing to do is to be yourself, stay grounded and always to place client needs at the forefront.
Sellers must always remember to stay confident and composed. Buyers trust can be gained by being polite, always offering good service and above all ensuring buyers that they will receive the best deal for their money’s worth.
Source: condos.ca
Fabricate a Bidding War
If the location of sale has had favourable demand what a seller can do is to allow a bidding war to take place. It is extremely exciting for homeowners to experience a bidding war, but first, one’s property has to have enough pull-factor for more than one buyer to show interest as soon as a property is placed on the market.
It is all about playing with psychology. You may reveal to interested buyers that there are other buyers willing to pay a better price for the property that you are offering and you just might be able to sell your property for a higher offer eventually.
However, if the location of your property is in an area that is low in demand, it would be best to settle for a sound offer as soon as you get one, or risk a property being unsold or untenanted for longer periods of time.
Also read more on: The Pros and Cons of Purchasing an Auction Property
Source: dreamstime.com
Effective use of Silence
Silence is golden, this popular saying carries a lot of weight and can determine whether or not a seller is able to secure a successful sale. Many may ask, how? Well, it is simple, silence can effectively display the extent of self-composure that an individual has, it also creates calm within a situation without giving room for much distraction.
This can prove to be vital especially when you are meeting with a prospective buyer that is about to decide upon property purchase.
Increased silence from a property seller, will allow those viewing a home to appreciate exactly what a home has to offer, and that is why it is best to allow prospective homeowners to tour a home on their own and ask them about their opinion once they have checked out the property.
Silence can also be used when buyers place offers for a property, but it simply doesn't match how much a particular property offers. This way, you will be able to show that you disagree without becoming defensive or making buyers feel uncomfortable.
A seller should, however, refrain from giving the silent treatment if a buyer is providing a fair and reasonable negotiation.
Source: dankarchitects.com
Allow a Property to Speak for Itself
When selling a home, do take note that giving a property a fresh coat of paint, substantial updates and adequate renovations or remodelling should significantly increase the chances of a sale to take place.
More often than not buyers would like a home that is turn-key unless they mention otherwise, that they are comfortable with buying a home that requires improvement.
It is also important for a seller to allow buyers to create a liking for the property that is being sold on an emotional level, thus rather than highlighting all the features that a home has to offer, poise as a guide and let prospective homeowners explore on their own during a showing.
A seller should, however, provide sufficient information when asked and avoid providing false information at all cost!
Conclusion
Wasn't that informative? Now that you are armed with some of the best ways to successfully negotiate the sale of a home, you should most definitely sell several residences just like hot cakes in no time! Remember as you sow, so shall you reap!
(By Viknesh Ashley Clarence, 24 September 2019)
