Receiving an offer well below your asking price can be frustrating for any home seller but it is important to remember that negotiating is all part of the process. With the right approach—and the guidance of an experienced real estate agent—you can turn a lowball offer into a successful sale.
A low offer does not have to be a dealbreaker, the buyers may simply be testing the waters, so it’s important to remain open to negotiation rather than rejecting an offer outright.
Lowball offers—those significantly below market value—are common, especially in a buyer’s market like we are currently in across many most markets in SA. While these offers can feel discouraging, sellers should avoid taking them personally. Instead, he encourages sellers to consider why the buyer may be offering less. It could be due to a perception of market conditions, the property’s condition, or simply a negotiating tactic.
A professional agent knows how to gauge the seriousness of a buyer and can negotiate on your behalf to secure a better offer. They understand market trends, can justify your asking price with data, and ultimately ensure you get the best possible deal.
When presented with a lowball offer the following tips can be utilised for how best to proceed next:
Negotiation is a process. Sometimes, a low offer is just the starting point for a fair deal. An agent can help bridge the gap between buyer and seller expectations and can let you know when it’s best to move on. If you want to sell your home for the best possible price, partnering with an experienced real estate professional truly is your best move.
Agents do not only sell or rent property on behalf of their clients, but also have their ear to the ground in terms of what current property values are, how much properties might sell for, and what is happening in the property market.
Always meet the agents in person before appointing them:
This will give you a chance to ask questions and assess the agents. Check how long they have operated in the area. Each area is different and local expertise is a vital point of advantage for any seller.
Look for a successful sales track record:
Ask for a list of their recent sales in the area, how long it took to sell, and the prices achieved. A strong sales record is an important indicator of the likelihood of success and that the agent could find the right buyer for the property.
A strong brand and network is another advantage:
An established brand will have a strong online presence for maximum exposure of your property backed by the latest technology and marketing and sales methodologies. They will use best practice to market and sell your property.
Look for someone who will assist every step of the way:
Selling a property is a complex process with many legalities to be taken care of. A good agent will explain the process and guide the seller to ensure they have all the necessary documents and maintenance done for an efficient selling process.
Get the price right
Setting yourself up for selling success has a great deal to do with finding the pricing sweet spot. Ultimately, prevailing market conditions determine what a property sells at. Of course that is influenced by the state of the property, the location and various other factors.
Understand the cost of selling
As the seller, you understand the various costs associated with selling a property. From bond cancellation costs to compliance certificates and agent commission, just because you’re the seller doesn’t mean you won’t incur costs.
Put your best foot forward
Lastly but as importantly, make sure that when a potential buyer views your property, they see it in the best light.
Put some effort into staging your home but ensuring it is clean, light and clutter-free at the very least. The old adage about not getting a second chance to make a first impression is particularly true when it comes to potential buyers viewing properties.
