Haggling at any price? Real estate sellers are best equipped to counter this with sound arguments

The selling price of a property is determined by the agreement between the seller and buyer. However, not everyone is a natural negotiator. A typical strategy employed by prospective buyers is to exaggerate minor flaws in the property in an attempt to drive the price down. As a seller, how can you effectively respond to this "bargaining at any price"? We'll illustrate this with two typical examples of such negotiation situations.

1. The bathroom: Dissatisfied with the tiles

When it comes to tiles, it often comes down to personal taste. The Italian tiles that the seller finds beautiful and associates with holiday memories might simply look awful to a potential buyer. And just like that, they'll point out a defect. Or they might criticize the condition of the tiles because the grout isn't pristine anymore. If the buyer then wants new tiles due to the wear and tear and claims that laying new tiles would cost €5,000, they'll use that as an argument to drive down the price of the property. As a seller, you can refute such arguments if you know the current market value of your property precisely and can clearly demonstrate that any existing defects have already been factored into the asking price. The problem, however, is that in such situations, hardly anyone is capable of acting purely rationally. Against your better judgment, you get annoyed that the buyer doesn't appreciate your beautiful tiles but instead criticizes them. What you need at this point, to prevent negotiations from getting bogged down in frustration and anger, is a neutral party who can mediate between emotions, tastes, and perspectives. Therefore, it's always best to seek the help of a professional real estate agent for price negotiations, as such situations are an everyday occurrence for them, and they can skillfully act as a mediator.

2. An outdated fuse box

Another frequently cited defect—believe it or not—is the fuse box. Houses from the 1970s or 80s often lack a residual current device (RCD), which has been mandatory for many years now. When potential buyers notice this, they often argue that everything would have to be retrofitted by an electrician, which would be a major undertaking. As the seller, it's crucial that you're not caught off guard by such arguments during price negotiations. Those who have planned the sales process from the outset with the support of a professional real estate agent are also aware of their property's "defects," which they themselves may not have recognized as such. A real estate professional will, if necessary, consult an electrician before the viewing to properly assess the condition of the electrical system. If you point out the outdated fuse box to potential buyers during a viewing – or if your real estate agent does so – you will take the wind out of their sails and make it clear that you are aware of the defect, that it is already included in the asking price, and that you will not accept any haggling attempts based on the missing residual current device.

Do you need help analyzing objections before selling? Are you aware of the flaws in your property that potential buyers will point out? Would you like a skilled negotiator to help you sell your property? We can support you.

You need more information:

https://de.statista.com/themen/133/immobilien/

https://de.wikipedia.org/wiki/Immobilie

https://de.wikipedia.org/wiki/Grundst%C3%BCckskaufvertrag

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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