Once you put your home on the market, it’s time to start playing the waiting game. It’s never guaranteed how long it will take interested buyers to start knocking on your door. However, with a good marketing strategy implemented by your realtor, you should start receiving offers within a reasonable timeframe. However, when you do, it’s important that you know how to respond to them.
Because not every real estate offer automatically warrants a counter offer, the experts at Tracey Real Estate in Brooklyn, New York, suggest carefully evaluating your options before making a decision on how to answer. Below, they explain the best practices to use if you choose to counter an offer:
- Look at the Offer From the Buyer’s Viewpoint: One of the most important things you can do before making a counter offer is to take your emotions out of it. Instead of being insulted by a low offer, try to see things from the buyer’s point of view so you can better understand what factors led to this number. This will allow you to create a counter offer that addresses their desires as well as your own.
- Consult With Your Realtor: It’s always a good idea to consult with your broker before throwing the ball back in the court of the buyer. Using their industry expertise, they can advise you on the most suitable way to approach your counter offer so as not to scare the buyer away. They will understand the art of negotiation and how to counter successfully without much risk.
- Be Realistic: Be certain you have looked over all of the buyer’s offer terms and given them fair consideration. While it’s understandable you want to earn top dollar, remember your end goal is to close a deal. This may require bringing your expectations back down to reality. Include terms in your counter offer that will benefit both parties and make the deal look as attractive as possible.
It’s important to keep in mind that, as long as you have an experienced and knowledgeable realtor on your side, almost any offer has the potential to begin a negotiation process that ultimately ends in a profitable sale. Contact Tracey Real Estate at (718) 376-4994, or visit them online to submit an inquiry about selling your house.