Step 6 - Negotiation Tactics
Prepare your negotiation tactics. Before you start your advertising campaign it is a good idea to have a negotiation plan. Negotiation is the part of private selling that most people seem to think is the ‘hard part’ and an area where Estate Agents argue they earn their money. However if you know what outcome you want, then it’s easy.
Again, it must stressed that it is important to have priced your house correctly, so that you know how much your house is worth.
The things to consider about your situation when thinking about negotiation are things such as:
- How quickly do you need to sell?
- What are other properties in the area selling for?
- Is yours better than the other properties?
- Does yours require attention to bring it up to standard?
- Is it a unique property or is it just part of a line of identical properties?
- Is it a particularly desirable location? – location is key to the value of a property!!!
- Is it close to a desirable school? – property in the catchment area of a good school will attract a premium!!
Knowing the value of your house, and knowing what type of outcome you desire makes negotiation a breeze. Dealing directly with the buyer also allows both parties to come to the best arrangement to accommodate both parties. Estate Agents tend to ‘play’ the buyer and the seller off against each other and can create anonymity that doesn’t need to be there – all part of creating a mystique around the process but purely to protect their interests.
