JACK JOWETT, DIRECTOR
Refusing to negotiate can be a significant mistake in many areas of life, from business to personal relationships. When it comes to selling your property, refusing to negotiate can lead to a stagnant sale, a lower sale price or even losing a potential buyer altogether. In this blog, we’ll discuss the importance of negotiating in Estate Agency and the consequences of refusing to do so.
Verb To find a way over or through an obstacle or difficult route. To obtain or bring about by discussion. Oxford Dictionary
One common mistake that some sellers make is believing that the price they need or want for their property dictates the value, or somehow makes it worth more. Unfortunately, this is not the case. The market value of a property is determined by various factors, including location, condition, amenities and most importantly recent sales in the area. Remember, a property is only worth what someone is willing to pay for it and somtimes as in life, you simply have to compromise to get a result.
At Abshot Estates, we work with our clients to set a fair and competitive price that reflects the true value of their property. We understand that every seller has a specific financial goal in mind, but we also believe that it’s essential to be realistic about the current market conditions. In some cases, sellers may need to consider making repairs or upgrades to their property to increase its value and make it more attractive to potential buyers.
Why negotiating is important
One of the most significant consequences of refusing to negotiate in is a stagnant sale. If a seller is inflexible and unwilling to compromise, potential buyers may be turned off and look elsewhere for a property. This can lead to a longer time on the market, which can be costly and frustrating for the seller.
A lower sale price
Another consequence of refusing to negotiate is a lower sale price. If a seller is adamant about a specific price and refuses to budge, potential buyers may be hesitant to make an offer or may offer less than the asking price. This can result in a lower sale price than what the property is actually worth.
Losing a Potential Buyer
Refusing to negotiate can also lead to losing a potential buyer. If a seller is inflexible and unwilling to compromise, a buyer may feel frustrated and move on to another property. This can be particularly challenging in a competitive market where there are many properties available.
How to negotiate
Here are some tips for successful negotiations:
- Be open-minded: It’s essential to be open-minded and willing to compromise. Consider the buyer’s perspective and be willing to work with them to find a solution that works for both parties.
- Know your limits: It’s important to know your limits and what you’re willing to compromise on. Work with your estate agent to determine a fair price and other terms of the sale.
- Communicate effectively: Communication is key when it comes to negotiating. Be clear and concise about your expectations and be willing to listen to the other party’s perspective.
- Be patient: Negotiations can take time, so it’s important to be patient and not rush the process. Allow time for both parties to consider their options and come to a mutually beneficial agreement.
As the Managing Director of Abshot Estates, I take a hands-on approach to the day-to-day running of our business. With 18 years of experience as an estate agent, I have seen firsthand the importance of good negotiation and sadly I have watched too many sellers see good buyers disappear off into the sunset, eventually realising that they should have been more flexible and compromising at the time.
When it comes to negotiations, I am proud to have been called a ‘skilled negotiator’ by many of my clients past and present. I understand the importance of being able to communicate effectively, remain calm under pressure and find solutions that work for both parties. Negotiating is not about winning or losing; it’s about finding a solution that works for everyone involved.
At Abshot Estates, we take a collaborative approach to negotiations. We work closely with buyers and sellers to understand their needs and goals and we strive to find a solution that works for everyone. We believe that this approach leads to more successful sales and satisfied clients.
Jack Jowett | Managing Director