STEP #5: RECEIVE OFFERS & NEGOTIATE
When you start to get offers, Ryan will guide you through the emotionally charged negotiating process. Putting your interests first ensures that you get the best price, and favorable closing terms that are clearly spelled out.
Every negotiation is unique, but if you can justify your asking price with recent market research, you are in a strong position. Familiarize yourself with the entire sales transaction in advance, so you can negotiate from knowledge. Preparation and having a plan is key.
- Plan ahead and discuss how you will respond to offers prior to going on the market, before the emotions kick in.
- Be respectful and fair. Consider all offers carefully and let the potential buyers know you are taking it seriously.
- Explain how you determined your asking price using market based facts.
- Negotiations are a give and take process. Work to create options for mutual gain. Both sides should budge a little.
- Don’t dismiss a buyer’s objections to your counteroffer. Keep the lines of communication open and try to understand the buyer’s point of view. – Remember your goals. An offer that has no, or few contingencies might be better than a slightly higher offer with a web of strings attached.
- It’s your home. You did your homework. Don’t rush, or be rushed into a decision.
Connect with Ryan. Call or email anytime you need to know what’s going on in the downtown Chicago luxury market. When you’re ready to take the next step towards buying or selling your home, he’s ready to help.