Are you thinking about selling your Little Rock house? You should already have a game plan developed before you list your house. You are entering a real estate market and buyers will try and take advantage of your unpreparedness if you’t come prepared.
In this write-up, we have put together our best negotiation tips for selling your home.
Negotiation Tips for Selling Your Home in Little Rock
Inspect First, List Later
Stay ahead of the game and consider having an inspection done BEFORE you list the property. This will give you the confidence and knowledge of your home and will help you in your negotiations. This is not very expensive (couple hundred dollars) and will give you all of the information you need about what is wrong with the house. Take this a step further and fix al of the problems that came up, that way the buyer cannot use any of it as leverage during the negotiations.
Consider Throwing in Extras
We will have to start this off with an example. Say a buyer is in your home and you can tell that they are interested and love everything about the home but they just can’t get over the hump of placing an offer. What you can do is offer to provide something with the house! For example, the patio furniture, the wash and dryer, or some furniture. You can get really creative with this! We have seen some sellers offer gift cards or trip to a resort with the sale of the house. This could be what you need to win over a negotiation!
Don’t Be Emotional
In the end, this is a business decision and you need to remove your emotions from the equation. Predetermine what your bottom sale price will be before you start fielding offers. Do not agree to sell below this price no matter what the buyer says to you (remember – remove your emotions). If you do not get any offers at all then this may be an issue of incorrectly pricing your home and you should check your comps/research. If you feel that your house is priced correctly then maybe this isn’t the right time to sell and you should consider waiting to re-list and rent it out in the short term. This will eliminate any signs of desperation.
Facilitate a Bidding War
If you are reading this and it is currently a seller’s market, then you should be confident that you will get multiple offers. A good tactic to use is to set a timeframe on when you will be reviewing offers and when all offers have to be submitted by. For example: “we will be reviewing all offers at 3pm on Sunday”. This creates urgency and the ‘fear of missing out’. This will also show that buyers will likely be facing competition.
Learn About The Buyer
One of the best negotiation techniques that you can use is active listening. What type of buyer is this? Do they have a unique situation? Is there any motivation with their search for a new home? If you can uncover a pain you can leverage this in your negotiations. If there is no pain, then just create a friend! find a common interest and talk with them about that. This will lighten up the mood and create a collaborative tone to the negotiation.
When it comes to selling your Little Rock house, you can always expect for there to be some haggling. If you are prepared and keep yourself one step ahead, you will be more likely to get your listing price!