Know your Buyers
When it comes to selling your property, putting it on the market is just the first step. The real skill and nuance lie in the art of negotiation. And to negotiate effectively, you must have a clear understanding of what motivates your buyers.
It's disheartening to see properties go to auction without the agent knowing crucial details about potential buyers. Who are they? Where are they moving from? Most importantly, why are they moving? These questions hold the key to successful negotiations. It has actually surprised me recently when I have spoken to successful purchasers about the lack of engagement from the selling agent throughout the campaign. Understanding the buyers' track record, such as properties they have previously bid on and why they missed out, as well as their motivations for choosing your property at this time, are crucial indicators for guiding future negotiations. It is not only essential for your agent to possess this information but also to communicate it with you.
Now, you might wonder, why is this knowledge so important? Well, being aware of your best buyers and the likely order they fall in empowers you to navigate your sales campaign strategically. If your agent lacks control over these factors, including pricing strategy, as we discussed last week, your property is being done a disservice. Leaving your sales result up to chance is not advisable.
Ensure that you're well-equipped for success in your property negotiations. Choose an agent who not only understands the market but also takes the time to uncover buyer motivations. By doing so, you'll be actively steering your sales campaign towards a favorable outcome.
Stay informed, stay in control.
If you would like to know more about the current market, please feel free to get in touch.