Give It Up For The Tired Buyer
Updated: May 27, 2020
There's an old saying in real estate which is, your first offer is often the best offer. It is an old, used saying, but I think it needs to be backed up with this. Sometimes it's not how long you've been on the market, it's how long the buyer has been in the market. Now, let me explain that. For instance, just saying you had got your house on the market and you're all excited, done all the hard work, beautiful photographs have been taken and you've prepared it for market. The sales consultant has launched it and then before you know it, somebody comes along and they want your house. Nine times out of ten, I guarantee you that the vendor, the seller, will suddenly think they have got the price wrong, if it's a price product. That's why I say that.
Let's have a look at the buyer who may be buying that property. It's worth asking some questions because if their buyer has got what I call buyer exhaustion, they are sick to death of every single weekend looking at properties at open homes. It is a mission. It is exhausting. You get so over it, especially if you're taking along children or you've got a busy week and you have to drive around trying to get to all the open homes that are all on at the same time. You get to see half of them, then the next day you have to go and see the other half. Then all week you have to look to see if there's anything new and then liaise with agents and take phone calls and all sorts of things.
As I said, it's exhausting. So these buyers already have enough information from looking at all these different properties and they have probably discovered as well, if they're on a certain budget, that they have a reasonable idea now of what is really important to them and what they will sacrifice in the end. So there's going to be some things they won't negotiate on that they really need. And there'll be other things they did think they needed and wanted, but they're going to have to sacrifice that because they realize they're not going to get everything. So when your property came on the market, it just happened to be the right time. And they had been in the market for quite some time looking. Your property came up, they'd already ticked off boxes, crossed off others, and were totally over it and thought, well, that's probably going to be the best of the bad bunch. So that's the story there and it can often happen. So that's just one little story about negotiation today. Look forward to hearing from you.
Til next time, Lou.