Author: Alan Burke

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Negotiate the Deal

Good negotiation is a skill that adds real value to the service you receive from your estate agent. After all it can be the make or break of a sale.

 

Many agents focus on “getting the maximum price” for their client, the property vendor. So do we. However, we also recognise that the vendor’s main objective is actually to move house! There is no point in losing a sale by trying to force an unreasonably high figure out of a buyer who might have otherwise bought the property. Or to agree a sale only to find the buyer later regrets it and pulls out. They might even proceed right up to the point of concluding missive and then reduce their offer (known as gazundering) leaving you forced to accept the reduction or lose not only your sale but possibly your purchase as well!

Please don’t be alarmed! These are worst case scenarios, but not unheard of. The point is that good negotiation is being able to understand the objectives of buyer and seller alike and seeking to achieve the highest realistic figure for the seller with due regard to all parties concerned.

This does not just mean bartering, with each party nudging up or down respectively until some middle line is met. It means your agent using every available resource to justify your price in the context of current market conditions. It also means understanding the buyer’s perspective, their needs, preferences, finances and their flexibility in compromising over certain issues.  

We are proud not only of the prices our well-trained negotiators are able to secure for our clients, but also of our very low fall-through rate, which we attribute significantly to ensuring that the right deal is struck from day one, with both parties feeling they have “won”.

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New Year Sale

As we find ourselves in the middle of the dark winter months, some would suggest waiting until spring before putting your property on the market. After all, spring is traditionally associated with a time of change and this has always influenced the property market in the past.

However, this year in particular it might be worth looking at this from another angle as serious buyers do not give up over the winter and can even become frustrated by lack of choice as many properties are withdrawn for the season in the mistaken belief that nobody will be looking at this time of year. We are experiencing intense activity in view of the LBTT (Land and Buildings Transaction Tax) concession worth up to £2,100 coming to an end in March 2021.

You can take advantage of this temporary imbalance of supply and demand by being one of the properties that is actually new on the market! Whilst viewing activity may be slightly less frenetic, you can be assured that every viewing will count, as you will only be dealing with serious buyers. And serious buyers are usually less concerned by a sad-looking garden, or poor daylight. Indeed, cosy lighting and a real fire will often enhance your chances of a successful winter sale.

Many sellers will inevitably wait until the spring before putting their property on the market – which could flood the market and potentially thwart prices. Yet serious buyers are always keen to see what’s new.   

So if you are considering a sale in the coming months we suggest you take advantage of the situation, be strategic, and position your property for an early sale at a time when demand is likely to outstrip supply – which is about now. Then you’ll be in a great position yourself as a buyer! Win-win?     Contact us for any help or information!