The Art of Negotiating…Emotionless?
Friday Oct 26th, 2018Share
If you have ever tried to sell something you love, it is not an easy thing. If we are emotionally attached to something, how do you put a price on it? It is impossible, or at least impossible if you cannot find a buyer that has the same emotion as you do. That is often the dilemma when it comes to selling your home. A homeowner is far more vested in the property and has far more personal attachment than sometimes money can match.
Even with the shortfalls most homes have, perhaps being on a busy road, having an older roof style, a dated kitchen or backing onto a hydro field (all of which have an impact on price), a homeowner in many cases is too close to it, to either understand the impact or to think it even has an impact on price.
The buyer is often just the opposite and many won’t buy due to one or more of these or other reasons. The secret is finding the buyer that these items do not impact upon and perhaps even sees them as a benefit, i.e. – being on a busy road means getting out of the property more easily on a snowy morning.
Consider the “wow” factor. If we can find a buyer who pulls into the driveway or sees the view out the rear of the home, or perhaps the new kitchen and goes “wow” they are now an emotional purchaser. This party will pay more than the person that adds up the brick and mortar and dissects everything. The buyer that does that, is the wrong buyer.
Even with this, sellers often cannot get their head around value. You will sometimes see a home on the market and off again several times. Often the only change is the name on the sign and still no sale. The likelihood is, the sellers are not paying attention to what the market is telling them. They are dug into their price and since the market does not reflect or support it…the house sits. This is not always the case of course. It could be the market, or even the marketing but often these are not the reason.
When selling, it is important to remember that this is a business transaction. If you remove emotion and try to look at the broad picture it often helps. For example, a person selling might want a specific price and it doesn’t matter how long he/she has to wait. In the meantime, the area they want to buy into continues to increase. If they had sold at the best price they could get and reinvested in the new area, they would have made money at the new place that would easily make up for what they did not get on the sale. It is hard to see that when you are in the middle of a situation, but this type of thing happens all the time.
The key to any sale, of course, is finding the right buyer. They are out there and with 31 years of selling real estate, I am uniquely qualified to help find the right buyer for your home. Contact me to get started, I look forward to hearing from you!