How estate agents negotiate

Do you want to know how to get the best possible price for your home? Do you want to know the tricks of the trade? Read on for a few tips to how you can maximise the money you get for your home when selling it yourself.

Never give your bottom line until you have received at least one offer. Think if you were playing poker, you wouldn’t show your cards at the first hand if there was still something to gain. With poker in mind you can approach selling your house as a bit like a game, a very serious game, but you should always have a strategy in mind and consider that your purchasers strategy might not always involve being completely honest.

Always ask: 'is your buyer negotiable?'. A simple question that could earn you thousands of pounds you should never be afraid to ask. You might be surprised how honest some people are and it will show that you mean business.

NEVER take offence. Some people selling their house get upset if a potential purchaser makes an offer that they deem disrespectful. I would argue there is no such thing as a disrespectful offer and view any offer as a positive starting point. Your opinion will most probably differ from your purchasers and if your idea on negotiating is in £5,000 multiples, but theirs is £10,000 then suddenly a ‘disrespectful’ offer can become acceptable very quickly.

Most buyers tend to work on a 3 offer strategy. Not all, but it is the most common strategy buyers employ in our experience.

The first offer is simply setting expectations. Remember the above points when you receive the first offer, don’t be offended, ask if they are negotiable and don’t give your bottom line at this point. I always recommend rejecting a first offer quite quickly too so the buyer doesn’t get the impression you are considering it.

The second offer is one where the buyer would normally be very happy if they get it accepted. Often a second offer is quite acceptable, but it won’t do you any harm to ask again at this point if there is room for further negotiation. You might want to counter offer at this point with what your bottom line is (truthfully or not is down to you.)

The third and final offer? You might have counter offered after your second offer and your buyer has either met your counter offer or come in just under. Perhaps a decision on whether or not you accept this offer could depend on your onward plans and before you dismiss a third offer you should always consider would the owners of the house you want to buy accept a little bit less?

DO make sure your buyer is proceedable. Ensure they have their finances in place or check with their agent that their house is sold.

DON’T sell your house for less because you like the person who is going to buy your house.

DO Consider their financial position when you are negotiating an offer. Any offer from a cash buyer should be more carefully considered than an offer who’s house has sold to someone in a chain of 5 properties for example.

If you want to read some of the tips given to your purchaser and some of the tactics they emply you might find the following article helpful:

Hopefully after reading this guide you are now better equipped to sell your house for more than you were when you started, but if you would like a professional to do the negotiating don’t hesitate to get in touch

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