Is your real estate agent trying to get you the best deal possible? Are you working with a rookie or an expert?! Here are three tips for persuading sellers to accept less!
Tip #1- Know your market. In this hot market, there are ways to get Sellers to accept lower offers. An expert agent will research past sales and comparable homes – this is a resource to our clients to ensure the list price is reasonable and prudent for the home. Of course, if the price is too high, the research validates a lower offer, and we can back it up with real comps!
Tip #2- Show some relatability. Buyers should give their Agent permission to share their honest personal circumstances – this can go a long way in a negotiation for a better price. Also, sincere personal letters can make a big difference to a Seller to help them choose a Buyer. This is especially true if the offer is less than list price and even in multiple offer situations. We have had offers accepted that were remarkably close in dollar amount. In fact, one recent transaction was less than a competing offer. In such an instance, the sellers will often choose the lower offer based on how they related to the buyer in some way or by having compassion towards the family/individual and their unique story.
Tip #3- Get Creative. If the seller seems emotionally tied to a certain price on his or her home, instead of asking the seller to lower their asking price, ask for certain concessions. An example of this would be repairs, or that the owner can contribute to the closing costs, or even that they leave the washer and dryer, the riding lawn mower, etc.
Bottom line, make sure you are working with a knowledgeable agent who can help you execute the best offer to get the home you want for the best price possible! All agents are not created equal. We care about our clients and getting them the best price on the home they love!