Sometimes you just have to offer a compromise in real estate negotiations - don't take it personal
When I sold my beloved and personal home in April 2010 - I was MORTIFIED at my first offer and couldn't sleep - AND was ready to strangle the Realtor who brought me the offer. The next morning I went to the office and vented about my crappy offer to my colleagues.
Precious Sue Ann looked me straight in the eyes and said, "You are complaining about a cash offer and you're only $15,000 apart? Lori, you KNOW better - go WORK that offer."
Yes, I had to hear that advice from a trusted co-worker - one who works beside me in the trenches on a daily basis.
So, I took MANY deep breaths and tried to review the offer as a REALTOR - not a home-owner and Seller who put so much love, blood, sweat and tears into my dream home. Like most Sellers, I had added what I paid for my HOME and added the cost of improvements I had made, although you can never put a price on the hours of love that went into landscaping.
After a calming down period, I called the Buyer's Realtor back and offered a counter, which the Buyer accepted. Here I was ready to REJECT his insulting offer and we wound up only a few thousand dollars below my list price by the end of the day.
Seriously, real estate is all about compromise, cool heads and non-emotional negotiations. Don't let your first knee-jerk reaction kill your deal - it's likely that your first offer is your best offer.
Remain calm and work it out, because you want to sell your home and someone wants to buy it. It can turn out to be a win-win situation.
I almost think every Realtor needs to sell a home that's close to their heart periodically - just to keep in touch with what our Tulsa home sellers go through. That experience taught me a valuable lesson, and I'm now more prone to offer options and compromises, which makes ME a better Realtor!
Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain
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Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
I just need to think the compromise through better!
Liz, sometimes it's difficult. Sometimes you just need to STEP AWAY from the situation while emotions calm.
Lori, I'm going to bookmark this so I can read it when an offer comes in on my house.
Lori, I love this post. It says so much that every seller needs to think about and be prepared just in case. Suggested.
Lori: That's why the seller needs a Realtor, someone who can keep cool and weigh the pros and cons for the client, and then negotiate in a professional manner. Oh, and Judi sent me here.
We just had a discussion in our office how we felt female Realtors disclosed more than male agents and when we dug down it was because we were more emotionally attached. Sounds like this applied to your home. Glad you had a voice of reason and it all worked out.
Lori, very pointed post on why we need to compromise and take the emotion out of it. It's so hard isn't it? Congratulations on a great sale of your home!
Such a great post! And a reminder why our job as a Realtor is so important to sellers and buyers. Having an outside person to put logic, reason, and compromise into the picture can make such a big difference!
Judi - thanks for sending everyone over.
LADIES - it's all about the compromise and negotiations. I feel that's where our true value lies.
Precious Sue Ann was a wise friend to have around. .
Fernanado, I will always appreciate her for that!
So very, very true that when we have our home owner hat on instead of our real estate agent hat, all of a sudden the emotions overtake logic - just like other sellers we work with. So nice if we do have someone we trust to remind us about compromise and the value of trying to look objectively (difficult as it is).
Hey, Lori!
I included this post in Last Week's Favorites. Have a great Sunday!
Patricia - you are too kind - thank you!!
Working with the offer on the table is how we work magic! Great post! Kathy
Kathy, INDEED, it is the magic. Thanks for dropping by!