How “not” to negotiate your home sale

One of the services we offer is counsel and guidance in reviewing and developing appropriate responses to offers on your Charlotte Area home. Even so, the homeowner is the ultimate decision maker. That’s why we believe it’s crucial for home sellers to become familiar with some practical pointers for home selling negotiations.

One rich source of such information is the National Association of Realtors®.  Last week’s World Series finale undoubtedly inspired the title for a list of home selling negotiation pitfalls. Published the morning of Houston’s Game 7 victory on realtor.com, the post it dealt with errors in home selling negotiations. It was subtitled “Negotiation Hardball Fouls.

Although the first “foul” was “starting a bidding war,” might be an overstatement. Receiving multiple offers is any seller’s ideal situation. What the article highlighted was how such a case might be mishandled. One misstep is setting an offer deadline too far in the future because time-pressed buyers might disappear.  Another foul ball is passing up an already substantial offer that might not reappear.

Another home selling negotiation tactic that can backfire is being overly tough when responding to repair requests. That’s similar to “being stubborn” about a host of other relatively minor points like setting the closing date, closing cost payment requests, and squabbling over inclusion list items.

Still another tactic that might create an expensive backfire is threatening to put the property back on the market. The problem here isn’t only the stigma sometimes attached to the “put back on the market” tag. But also the fact that previously interested buyers you’d expect to return might have moved on.

The valuable insight in all of the NAR examples is a guiding principle we believe to be valid for all home selling negotiations: When you are coming down the home stretch (or are in game 7 of the Series), evaluate every aspect of an offer as part of the whole transaction. Individual details that might seem emotionally important lose their power when viewed in relation to your bigger goals. In other words, as every major (and minor) league batting coach will tell you, if you want to make contact, keep your eye on the ball.

No matter how exciting it might be, any World Series Game 7 is only a game. When it comes to selling your home in the Charlotte area, it’s a much more meaningful exercise to the families it will affect for years to come. We keep the big picture in mind during every aspect of your home’s sale, from the listing’s preparation to the final home selling negotiations.

Contact us if you’re looking for seasoned negotiators to help you market and sell your home.

David Harkins is NC Real Estate Broker and REALTOR®. Before working in Real Estate, he had a fulfilling career in business consulting and marketing, advising both large and small companies including several in the Fortune 500 and many of America’s largest nonprofit organizations. In his spare time, he consults, speaks, writes, hikes, explores, and creates art. Although, not necessarily in that order.

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