It's best to leave emotions out of the equation when selling real estate
Parting with a cherished property is not easy for many. Emotions often lead to an unrealistic assessment of the property's value or make it difficult to remain neutral and objective during price negotiations. Only those who are prepared can negotiate confidently and successfully.
Experienced real estate agents are familiar with the problem when potential buyers negatively assess the seller's taste with comments like, "The wallpaper and tiles are tacky, and the country-style kitchen is a complete no-go." This effectively declares the property in dire need of renovation, and this supposed additional work is intended to drive down the selling price. Understandably, many property sellers find it difficult to respond appropriately.
Since such viewings are rarely successful, real estate professionals recommend completely eliminating emotions from the sales process. Good preparation is essential. Those who can then calmly respond to such comments will be able to conduct sales negotiations confidently and argue why the asking price is reasonable.
The professional real estate agent knows how it's done
Through years of experience, a professional real estate agent knows how to conduct such conversations. They are familiar with almost all objections raised by potential buyers and can respond appropriately even to those they are unaware of. A professional real estate agent knows how to refute arguments from potential buyers without alienating them.
To the comment "the price is completely unacceptable," the professional real estate agent might respond with: "How did you come to that conclusion? The property's value has been professionally determined." If the prospective buyer then argues that they have seen cheaper comparable properties, the agent, thanks to their market knowledge, is best positioned to assess how comparable a property is, or its features and condition.
Flexibility required
If owners want to enforce their price expectations, it can be advantageous to be flexible in other areas. For example, sellers could suggest to potential buyers that certain fixtures be removed. Another option would be to be flexible regarding the handover or payment date. A professional real estate agent, through their impartiality, ensures a balance between both parties.
The outcome of negotiations between seller and buyer largely depends on how objectively both sides argue. Emotions often lead to decisions that are later regretted. Sellers who approach negotiations calmly and confidently, knowing that the property's value has been professionally assessed and prepared for potential objections from prospective buyers, have a good chance of achieving their desired price.
Do you want a neutral and skilled negotiator on your side when selling your house? Contact us! We will conduct your price negotiations neutrally and objectively.
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Notes
For the sake of readability, this text uses the generic masculine form. Female and other gender identities are explicitly included where relevant to the statement.
Legal notice: This article does not constitute tax or legal advice for any specific case. Please consult a lawyer and/or tax advisor to clarify the facts of your individual situation.
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About the author
Harry Mohr
Real estate agent (Chamber of Industry and Commerce)Harry Mohr, author of this article
