Once you have put your house for sale on the market, the first buyer who shows interest in your property is someone who comes to meet you, accompanied by another slickly dressed in a very well-kept dress and shoes. Once they visit your property, you will soon find them wandering in the nooks and corners, pointing out the probable flaws and discussing in a hushed tone. Witnessing this, you will start wondering what they are discussing and eventually may feel a bit uneasy.
The answer is that the accompanying person is a buyers advocate, a licensed real estate agent hired to source the ideal property for the buyer, negotiate the price, and get the deal done. Having an agent ensures seamless completion of closing the deal and negotiating for the best deal.
This seems to be quite often when property buyers do not have adequate time to conduct research & find the best property for themselves, or they finally choose to utilize the experience of an industry professional as their knowledge and experience seem invaluable. These professionals hired for the purpose are none other than the buyers advocates.
When a property buyer involves a buyers' advocate to conclude a deal, this becomes a tougher proposition for the property seller. The buyers' advocate usually thoroughly understands the real estate market and the present worth of a concerned property. So, they usually become hard negotiators and get into long debates and negotiation sessions with the property seller party.
What should a property seller do to deal with any professional buyers who advocate for negotiating a fair and successful sale?
Here are a few effective and proven tips that you should follow as a property buyer while dealing with a buyers advocate:
Do not get intimidated:
When dealing with a buyers advocate, you are now against a professional who probably possesses better negotiation skills than any average buyer. He also has a much deeper understanding of the concerned real estate market. The buyers' advocate may try to stipulate a few terms for the property sale or manipulate the existing market data to fulfil their buyers' profitability and interest. You should never be intimidated under such circumstances, which is a part of the goal of securing a fairly low sales price for the buyer. As a property seller, your ultimate goal is to secure the best sales price while negotiating with the buyers' advocate.
Sticking to your reserve:
This is very necessary that you conduct enough research to determine your property's reserve price. Suppose you are well-prepared and informed regarding your property's existing reserve price. In this case, you will have to determine the price at which similar properties are sold and understand the current market's conditions. A buyers advocate may point out the sales for certain similar properties and try to lower your reserve price while negotiating. In that case, you will surely be able to set up certain examples that reflect the property's good value. So, researching well and being well-informed can be a great way to face a buyer's advocate while selling your property.
Never get into the trap of sales tactics:
Most buyers advocates have many sales tactics to get the best deal for their clients. They may frequently use the tactic of having other better options to be purchased and make you feel pressured to lower the price or lose the buyer to some other property. Also, they may try to bring in a time stamp to the offer they have made and pressure you to accept the same very quickly. Under such circumstances, you need to retain a very clear head. You should never act under pressure and rush to take a decision.
Conclusion:
You should always remember that they are just a middleman trying to get a good sales deal for their clients. They will do their job, but you should not be intimidated by them as a property seller. You need to follow the above tips discussed in this article. These tips will help you confidently close your property deal as a property seller, even if you are not a professional real estate agent.
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