Top Ten Successful Real Estate Negotiation Strategy Elements for FSBOs, Sat, 12-14.
Get it Sold.
Photo by Amina Atar on Unsplash
I have been working with FSBOs and selling their houses since 1984, and I must tell you that I don’t think I have ever sold anyone’s house. I don’t think any for-sale-by-owner has sold their own house. What I do is help FSBOs get exposure for their house.
The house sells itself.
Sure I’ve been in the middle of a lot of transactions. More recently, I have helped and instructed on a lot of transactions, so I have seen a lot of what does and doesn’t work.
Smart people, today’s people, don’t usually get sold anything. They will sometimes buy stuff that they like or need.
That’s why I shiver when I have a new customer who confides in me that they used to be in sales or maybe even worked as an agent, as if to prove to me they will have a very easy time selling the house.
So today, we’re going to look at ten very simple yet successful steps to negotiate our own home sale. Please pay special attention to 3, 6, and 7, as they are almost counterintuitive at first blush, but they give high-octant results. On the questions and statements I give you, use them exactly, verbatim, even if you have to practice them in front of a mirror.
1. Pix
Pix are key. the reason and purpose of pix are to grab attention. The purpose of the primary or first pic is to capture the attention of a prospective buyer who is just at the point of skimming through listings to see if any interest them. It’s got to pop to stand out and cause them to want to see more photos. That’s its only purpose- to get them to the next level of pictures.
2. Captions
I strongly suggest you spend a little time and use the captions feature with your pictures. It gives you a chance to explain unseen features, as in “we put all-new cat 5 cable in this wall,” or “Out this window is a beautiful view of your garden spot.” The purpose of these pictures is to cause a prospective buyer to want to see your house in person.
This is what you, as a seller, need to happen because, firstly, nothing ever happens without a conversation, and secondly, even if you can’t sell your house, it can sell itself when the right person comes through the front door and the magic happens. Like it did when you first say it.
3. Tour/Conversation
Even though conversation is necessary for a sale, it’s not necessary right now. “You folk know what you’re looking for — just make yourself at home. I’ll be right here on the couch if you have any questions, just holler up!” Never give the tour but don’t leave the house, either. Be there if they do have a question.
4. Magic
When the magic does happen, you can see it on their faces when they first strep into the foyer, the kitchen, media room, master bedroom or garage, depending on who the top priority buyer is.
5. “What do you think?”
Dial down the pressure. This one question will give you a hint, without pressure, if they only reply “I like it,” go on to the next question. If they say it’s a little more than they can spend, there are other thing we will discuss soon that can help tight budgets without discounting your house.
6. “Will you need the old refrigerator?”
Will you be needing the old refrigerator?
7. No text, email
Person to person only. Even voice mail is more personal than technology and personally is what we need now.
8. “Have you got a mortgage started?”
Don’t pick at the answers. This will give you hints on how far they are along the buying path. If they shut you down, you can reply, “I just wondered if you needed any names or numbers.” Don’t try to use an agent’s blank purchase agreement, because it’s way longer than you need and it’s copyrighted, too. Visit a closing company and ask in return for using them, if would they give you a blank purchase and sale agreement. I have one that I have permission to give my customers, but chances are you won’t have one until you get one.
9. “When do you want to close?”
If all the buying signals are pointing to yes, you will need this date to fill out your agreement.
10. “How much are you putting down, and who’s your attorney?”
Since you already talked to one to get your blank agreement, tell the buyer to use yours unless they have a favorite. Both of you sign and date the completed agreement. Give the buyer the original to take to their mortgage company, and you keep a copy for yourself, too.
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