6 Common Home Seller Mistakes To Avoid In Ulster County NY - #6 - Poor Agent Negotiations
One of THE biggest mistakes a seller can make is hiring an agent who is a poor negotiator. Whether it be a single offer or a multiple offer situation, buyer or seller side, negotiations are one of the critical components in getting the best deal for the client. Many average and frustrated agents today need to sell a home more than the homeowner! It is imperative that the seller determine if the agent they want to hire has experience negotiating. Poor negotiating can cost a seller 3-5% or more at the closing table! We at Taft Street Realty felt the need to discuss negotiating in detail so that home owners looking to sell are aware of where things can go wrong.
At the beginning of our series we discussed Mistake #1 - Hiring the Wrong Agent, Mistake #2 - Repeating Failed Strategies, and Mistake #3 - Not Enough Exposure. Then we followed up with Mistake #4 - Not Enough Focus On Other Agents and THEIR Buyers and Mistake #5 - Not Enough Qualified Buyer Showings. Now Taft Street Realty concludes this series with 6 Common Home Seller Mistakes To Avoid In Ulster County NY - #6 - Poor Agent Negotiations. Here are some things sellers should keep in mind...
Hire an Ulster County Expert Real Estate Advisor - We're local experts when it comes to homes for sale in Ulster County NY. We also know the art of making a deal and negotiating in today's difficult buyer's market. Negotiating a good deal takes great skill. The majority of the negotiations for the seller take place BEFORE the offer evens comes in. That statement may have you scratching your head wondering how that's possible but it's true. If you read our earlier real estate seller mistakes made in Ulster County NY you will see that the correct marketing to attract buyers is one very important piece to the negotiating puzzle. As Ulster County NY expert real estate advisors, we know that the more qualified buyers we can get in the door and interested in the property, the more likely that multiple offers might come in. Having multiple buyers interested at the same time immediately ups your negotiating leverage for a seller as their agent, even before any offers are presented.
Proper Positioning of the Seller's Home in the Market Place - It is key for the agent to have a non-emotional state of mind. As we mentioned above, if the seller hires an agent who has only sold one home so far that year and is desperate to pay their bills next month, then it is likely that the agent will be giving advice that may be skewed or biased based on the agent's needs more so than the needs of the seller. Another factor in positioning is how the agent talks about the home to other agents. Setting the proper expectations is another key area of negotiating. The seller's agent must exercise restraint and control in the agent to agent talks. One slip up revealing the motivations and timing of the seller could cost that seller thousands of dollars. Loose lips sink ships, remember that! Another very important consideration for the expert negotiator is the delicate extraction of good buyer Intel during agent to agents discussions. At Taft Street Realty, we are trained to pick up on important buyer hot buttons, emotional indicators, etc.
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Taft Street Realty, Inc.