How to Negotiate the Best Offer with Home Sellers
After you've calculated your maximum offer, you will need to present it to the sellers. This is something often best done in person, but can also be done over the phone or through the mail or email. It's usually best to choose the method the seller would be most comfortable with.
Often, sellers will think they should get more for their home than they will. When you ask them what they think the home should sell for in the current condition, they will likely give you a much higher number than it's worth. However, they may also believe you're going to talk them down, so they want to start high instead of low.
When it comes to negotiating, you may want to start lower as well, which will give you room to go up. However, if you don't start high enough, you may insult the seller and lose the entire deal. The negotiation process is very delicate, and it can be tricky. Here are a few tips to help.
Rapport Goes a Long Way
You don't want to be disingenuous, but you want to build a strong relationship with your seller. Sincerity is always best and you shouldn't start off negotiating right from the beginning. Find some common ground and remember, you're human, and so is the seller.
Listen Most
While negotiations require you to do some speaking, you want to listen more than you speak. When you talk too much, the deal may fall apart for many different reasons. However, when you listen and let the seller speak, you will find out more and you will be able to make a better deal because of the information you gain.
Find the Pain Points
The price is usually going to be the main point for you in any wholesale deal. However, there will be other pain points, which can be used during negotiations. You may find out that your motivated seller is overwhelmed by the repairs to the property or with managing the property as a landlord. Maybe they need to sell fast. There are several other pain points outside of the price you can use during negotiations.
Be willing to Walk Away
While you don't want to walk away from a deal, if you're willing to, you won't negotiate the with desperation. You want to continue to negotiate until you find the right deal, but you want to do it with the willingness to walk away if a good deal cannot be reached for both parties.
Negotiating with a seller isn't always easy. You have to know what you're getting into and you have to have a strategy. Know how to listen and be ready to walk away when the numbers don’t work.
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