Are you thinking about selling your Chicago house? Before you list or sell it on your own, you should have your negotiation strategy in place. Always try to be one step ahead of your buyers.
Before you get started setting up your negotiation strategy you need to make sure that you have correctly priced the properly. You’ll need to provide sufficient evidence to justify your asking price. Be ready to defend your asking price with factual information and think of the potential objections your buyers may have when discussing the price tag.
Negotiation Tips for Selling Your Home in Chicago
Inspect First, List Later
Having an inspection done before potential buyers see your home can be extremely beneficial to get your asking price with less haggle. An inspection will usually cost less than $400 and can tell you most of what needs to be fixed in your house. This strategy may help you address any serious concerns before a buyer conducts their own independent inspection and prevent a buyer from getting cold feet. Based off of our experience you shouldn’t expect the buyer’s inspection report to come back squeaky clean even if you performed a previous inspection as new items always arise.
Consider Throwing in Extras
Let’s say someone had toured your home, commenting on how nicely everything is set-up. You are pretty certain this person is interested, however, they seem to be on the fence. You could offer to throw in furniture, (or certain pieces) in with the house! The options with this are endless. You could offer a golf-cart, riding mower, kayak… you get the idea! Some buyers are looking for something fun for their new house, while others would prefer a $1000 gift card. Consider incentives, sometimes even a small token can help get an offer on the table.
Don’t Be Emotional
Before you start getting offers in the door, you will want to set your limits. Set the absolute lowest price you will accept for the house. Do not go under that price no matter what the situation. If you do not get any offers, you might have priced the home incorrectly or maybe it simply isn’t the right time. Have a backup plan in place. In sales terms, they call it “BATNA.” This stands for “best alternative to a negotiated agreement.” Let’s say you don’t get the offer you want, have a plan in place to rent the home out for 1 year and try again. If you are prepared with an alternative, you won’t end up selling your house for less than it’s worth. Plus, it will keep you in control. You never want to appear desperate to sell.
Facilitate a Bidding War
If your property is located in an area with strong demand and you price your property competitively you may be able to generate multiple offers. Having several offers on the table will put you in a powerful position to negotiate with all of the potential buyers. If you manage the negotiations correctly you should be able to get your buyer to their maximum price level in fear that they will lose out on purchasing the property.
Learn About The Buyer
To help you better negotiate with a buyer, take some time to learn about them. What situation are they in? Do they need to move right away? Are they financially able to pay full price? What is their motivation for wanting to move? If they need a bigger house for their family, you can play up how large the finished basement is. Do they like sports? Talk about their favorite team. Creating friendly conversation will help your negotiations go more smoothly.
When it comes to selling your Chicago house, you can always expect for there to be some haggling. If you are prepared and keep yourself one step ahead, you will be more likely to get your listing price!