Unlike most purchases, buying a home isn’t a simple exchange of cash for good or services—it’s a bit more strategic than that. In a market with high demand (lots of buyers) and low supply (fewer homes), you will find that buying a home is a bit more difficult. If the seller is patient, they can field many offers and make the most profit on their investment. While it certainly is an uphill battle, being the savvy real estate agent that you are, you should be able to spot the subtle and not-so-subtle clues that the seller is open to negotiation.
The Seller is Offering Extras
Lowering the overall asking price isn’t the only thing to be gained from a successful negotiation. A seller who is ready to strike a deal will often include other amenities that will save you at the bank. For instance, they may have all-new appliances and throw them in if you place an offer quickly. Often, extras like new appliances or furnishings will come additional to the lowered price point. If the house is still furnished, the seller could be trying to get rid of them as well.
Remember, everything is up for grabs in the negotiation, if you see something you want—ask for it. The worst they can say is no.
The Property is Empty
The state of the house can tell you an awful lot about the situation the seller is is in, so pay attention when you’re walking through. A clearly vacant house means that the seller has already moved out and is ready to move on with their life by selling the house quickly. Or, if there are a lot of boxes, it could signify that they are still in the process of moving, which could mean an opening for negotiation.
Property Has Been on the Market for Too Long
Thanks to modern technology, it’s a pretty simple task to find out just how long a home or property has spent on the market. There are a couple reasons that a house may be on the market for long periods of time:
- The seller isn’t ready to sell just yet, but is testing the market out.
- The region is currently experiencing a buyer’s market—where there are more homes for sale, with less people buying.
- The home has tenants and cannot be shown easily.
- The home isn’t marketed well or doesn’t have good representation within the MLS.
- The home is simply priced too high.
In any of these situations, the seller is likely anxious to sell may be willing to accept a lower price in order to get out of their current situation. For modern real estate agents, you can keep track of all of your property listings and clients through team real estate management software, like Chime.
The Seller is Rushing to Close
If a seller is really pressed for time, they may feel the need to take the money and run. A seller who is desperate for money and racing against the clock will likely be open to an offer that is lower than what they originally wanted. If your client is ready to make a move at the same pace as the seller, you can save your client a sizable chunk of change.
In the right market, a buyer can have a great advantage over a seller, especially if they have a real estate agent that can help them spot the cues and body language that can save them thousands of dollars.