Most homeowner feel pride in their property and an emotional attachment to their home, which means that it can be difficult to accept an offer lower than they were anticipating. If you are selling your home, then it is important that you work closely with a trusted real estate agent for help with handling the offers as they come in.
Responding to the Offers that You Receive
Unless you receive a whole bunch of offers in a short period of time, the best strategy is to respond to every offer that comes through. It might be tempting to push aside the lowball offers because they seem too far away from the asking price, but there might be benefits from responding to those offers.
These responses can start the negotiation process, and it is possible for the buyer to change their mind and increase the offer. Some people make the mistake of simply rejecting every lowball offer that comes through. This rejection letter completely stops the communication between the buyer and seller, and eliminates the possibility of finding middle ground.
If you want to send a rejection letter without opening up the communication, then the decision is being made on an emotional level. Ego is coming through, and you might be missing out on the sale of your home because you weren’t open to the conversation.
Playing the Negotiation Game
Consider this process like a sports game, where the ball is tossed back and forth between the two teams. When you receive the “ball” from the potential buyers in the form of a low offer, it’s your turn to make your move and send the ball back. Even if you only drop the price by a thousand dollars, you show that you are holding your ground but you are still interested in the conversation.
After you have responded the offer, then the buyer has the opportunity to continue the conversation. As a result, you might have a better outcome with the open communication, instead of simply rejecting the low offer without consideration.
Experience in the Real Estate Industry
Even if the offer is so low that it is not possible to find a price that both parties are happy with, you still get the experience of learning how the real estate process works. Then, when a better offer comes through, you’ve already had a test run with the lowball buyer.
Additionally, the conversation gives you the opportunity to learn what the buyer thinks of your home. You can use this information with an open mind to make adjustment to your marketing strategy, making it easier to connect with the right buyers for your home.
At Duffy Realty of Atlanta we are here to help with the negotiations, to maximize the price that you get for your home. Our team has sold thousands of homes in the Atlanta area, and we know what works! Call us for more information: (678) 318-1700