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C IL | First, do you have a realtor? If so, he/she should explain the negotiations. If it is the buyer's realtor, it's not your problem if the buyer signed an exclusive right to represent with the realtor, ALTHOUGH the realtor bringing the buyer typically gets 3% of the deal (50% of a standard 6% commission) in a typical realtor seller/realtor buyer transaction. You just get your lawyer to do the paperwork. Or you can often hire a realtor just to do the paperwork for a fixed/hourly rate (cheap - it's found money to them).
Second, negotiations when selling/buying real estate are about managing emotion. Just like marketing commodities. For most people, it is the biggest financial decision they have ever made, they get scared, and they fold. Just like that. Research has shown that most realtors leave their personal properties on the market for about 50% more time than their clients do (9 months vs 6 months) Reason - realtor is more experienced at managing emotion. At the same time, don't overplay a weak hand if you have financing issues or a need to sell.
Third, what is your time horizon for making a sale. Cognitive science tells us that the best way to proceed when making a decision on a timeline is to wait for 37% of the timeframe, then take the next offer that meets or exceeds the previous best offer. An algorithm for reaching the best decisions over the long run.
There's always more, but
Good luck! | |
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Selling a farmett
