Many buyers and sellers forget how to negotiate or lean on their agent to do it for them. Additionally, their agent may not understand how to negotiate. Glenn Phillips, CEO of Beach Homes Realty, discusses 5 tips when negotiating beach real estate.
- Any Offer is Better than NO Offer! Don’t be offended by low offers. Part of negotiation is leveraging and moving the price point to get a transaction. You should always counter offer to keep the discussion open. Let the buyer be the person to step away from negotiation, not yourself.
- Don’t Get “Stuck” on Single Points. Instead of one single point, the whole package of many points in negotiation gives a comprehensive deal.
- Agent Commission. Don’t immediately get stuck on the idea of having to pay agent commission. Instead, consider if you’ll get more money from your house by paying that commission.
- Seller’s Compensation. Think about if you want to help the buyer by giving them compensation to help with agent commission or closing costs.
- Closing Costs. Closing costs are sometimes split between the buyer and seller. However, you might want to negotiate for one party to pay more or all of the cost.
- Personal Property. Whether it’s a boat, furniture, jet skis, or other toys, consider if you want to exclude them for simpler negotiations or include them as a bonus to the buyers.
- Cash Only Means Less Closing Risk. Cash offers simply mean the offer isn’t contingent on lender approval for a mortgage. Otherwise, you’re still receiving the same amount of money.
- Restructure Offers. Consider if there are things beyond adjusting the price to improve negotiations.
- Be Creative. Whether you’re the buyer or seller, it often takes creative measures to complete the transaction. It can be a shorter moving time, more time in the home, or anything else that moves the process along.
When negotiating for a beach home, there are several things to consider. There are several moving parts, so you need to know how to negotiate whether you’re buying or selling. Visit beach-homes.com to connect with agents who are ready to help you navigate beach real estate.