When a seller won’t budge from their asking price, it can seem like the only option is to give up. But as long as their offer is within a reasonable range, you can still win the negotiations and close the sale with these creative tactics that will motivate even the most stubborn of sellers.
Discover What the Seller Wants
The first thing to do as the buyer’s agent is to discover what it is that the sellers want. There is a reason why they won’t budge on their asking price, and by determining their motivators, you can create a plan that appeals to their needs.
Since there are so many factors that come into the selling of real estate, the only way to find out what the seller wants is to ask. If it’s a longer escrow period or a preapproval letter from the lender, these are things you may be able to provide that other prospective buyers can’t.
Be Willing to Waive Contingencies
Not all buyers are willing to waive contingencies but it’s a strategy available if they really want the house. In order to ensure this offer is within your clients’ best interest, you want to know as much about the house as possible. While some repairs and damages can’t be seen by the average eye, analyzing how the home was taken care of and by whom will help you determine if waiving contingencies is too risky of a move.
If the home appears to be in immaculate condition and the current homeowner is an electrician, then you may want to move forward with an offer to waive contingencies. This is a great way to motivate a stubborn seller, as being flexible with no contingencies is quite appealing.
Come to The Table Prepared
If you want to win the bidding war, come to the table prepared. Make sure your clients obtain a preapproval letter from the lender, order any HOA documents in advance and be ready to sign on the dotted line. If a seller is eager to sell their home, this kind of approach is likely to entice them.
Offer the Seller a Rent-Back
The seller may be stubborn on the sale of their home if the buyer’s offer doesn’t suit their needs. The seller may be stubborn simply because they need more time in the home. As mentioned the only way to find that out is to ask. If this is the case, the buyer can offer a rent-back.
This strategy allows the seller to remain in the home after the escrow is closed for a set amount of time that has been predetermined. In return, the seller pays the buyer rent for that time.
A rent-back is a win-win solution for both parties. The buyer gets the home they want plus a couple weeks or months of additional income from the rent, and the sellers sell their home and don’t have to rush out.
Get Creative Connections and Expertise
If all else fails, get creative. Talk with your clients about any connections, skills, expertise or service they can offer the sellers to entice them to sell. If the buyer owns a business such as a restaurant, they can offer a discounted price to the sellers for a set amount of time. A free weekly dinner at a local hotspot can be an offer too good to turn down.
On the other hand, if the buyer has an expertise or skill set, they can offer that. Maybe the seller owns a business and the buyer is a content marketer who can offer 5 blog posts a month for the next year. You never know until you try. Sometimes the most creative offers are the ones that seal the deal.
Even when faced with the most steadfast seller, with just a little creativity and our tips, you can ensure a smooth closing and get that signature on the dotted line.
