Thinking of selling your Montreal home? Before advertising your property for sale, it’s a good idea to plan a few negotiation strategies. You should always be a few steps ahead of your buyers.
Base your asking price on facts, and take the time to ask yourself what arguments your buyers might use to demand a lower price. Read our latest article to discover our top tips for negotiating when selling a home.
Tips for negotiating when selling a home in Montreal
Inspect first, then announce
Having your home inspected before potential buyers see it can be very beneficial. This will ensure that you receive your asking price, without having to negotiate. Hiring an inspector usually costs less than $400, and he’ll be able to tell you what needs to be fixed. If you fix these problems before you advertise, the inspection report paid for by your buyer should look just fine. So the buyer won’t be able to negotiate you down for uncompleted work!
Consider offering little extras
Let’s say someone has visited your home and says they like the way the place is organized. You’re pretty sure this person is interested, but she seems hesitant. You could then offer to leave some of the furniture in the house! The possibilities are endless. For example, you could offer a golf cart, a lawn tractor or a kayak! Some buyers would like a fun addition, while others would prefer a $1,000 gift card to renovate. Consider offering little extras. Even the smallest gifts can be enough to make a buyer give in.
Don’t get emotional
You should set your limits before you even receive your first offer. Determine the lowest price you consider acceptable for your home. No matter what happens, never go below this level. If you don’t receive any offers, it may be because you haven’t set a suitable selling price, or because the timing isn’t right. That’s why you should always have a plan B. In the business world, we call this plan the “MESORE”, which stands for MEilleure SOlution de REchange. Let’s say you don’t get the offer you were hoping for, but you’ve already planned that, if it happens, you’ll rent the house for a year, then try again to sell; everything will work out fine. If you know you have more than one option, you won’t end up selling your home at too low a price. What’s more, it will help you stay in control. As a salesperson, the last thing you want is to look desperate.
Encourage a bidding war
If you’re fairly certain you’ll receive several offers for your property, you can inform your potential buyers that you’ll be reviewing all offers at 5 p.m. on Friday. This will generate interest in your property. People will want to outbid you if they know there’s competition. As a result, you will probably receive higher offers. If you don’t think your home is particularly in demand, this is not the strategy for you. On the contrary, you should look at each offer as it is sent to you.
Find out more about your buyer
If you want to negotiate with your buyer, take the time to learn more about him. Does he need to move quickly? Can he afford to pay full price? What drives him to move? If he needs a bigger house to accommodate his family, talk about how big your basement is and what it could potentially be used for. Does he like sports? Tell him about his favorite team. Being able to have friendly conversations with our buyer will help you negotiate more easily, without rushing them.
When selling a home in Montreal, you (almost) always have to negotiate with the buyer. If you’re well prepared and have a long-term vision, you’ll have a better chance of selling at the advertised price!
