Negotiations are part of most real estate negotiations. Rarely, sellers do not sell properties at the listed price. This is because buyers will often try to make counteroffers that suggest a lower price or even different terms of sale. So, as a seller, it is vital to have good negotiation skills to maximize profits margin from sales.
Are you looking forward to selling your current residence to buy another home? The good news is that there are many types of properties you can choose from. For instance, you can select off plan properties in Dubai or several villas for sale in Dubai. On the other hand, if you need a smaller space, you can get numerous townhouses for sale in Dubai.
Before you start hunting for your next home, here are some negotiation tactics to help you sell your current home at a profitable price:
i. Set priorities
It is paramount to get adequately prepared when getting into a negotiation and know exactly what you hope to get out of it. There are certain priorities that you must consider such as the bottom line. What is the minimum amount you must get that will cover the mortgage debt and down payment for your new home? Also, the sale timeline is crucial factor to consider. Do you need to sell as soon as possible due to job relocation?
ii. Identify the deal sweeteners
After understanding what you won’t compromise, you should come up with deal sweeteners. These are items you can use or concessions you can make to convince the buyers to agree to the deal. This is a good way to hold firm on your priorities without halting the negotiations. For instance, does the property feature furnishings or bonus items that the buyer can enjoy? Take advantage of that.
Iii. Use deadlines to create a sense of urgency, but in a friendly way
If you have set the right price for the property, there are chances that you will receive the best offers within a very short time. As the offers continue to roll in within the first few days of listing the property, you can use the tactic of letting everyone know that the property is a hot commodity. This will compel interested buyers to finalize the deal as fast as possible to beat other buyers.
iv. Be prepared to back-up your asking price with facts
Being equipped with facts is the best way to win negotiation and communicate your position without appearing unreasonable. Therefore, the more you know about your house and the local market, the better you will be able to defend your position.