Receiving an offer, is the most crucial stage of your home moving process, let face it, without the offer, you have nothing to work with. No offer, no sale so it is important that when you receive an offer, your agent acts with professionalism and experience, always with your best interests in mind.
When we value your property, we often allow some room for negotiation between the marketing price and an expected sale price. We would always aim to obtain an offer as close to your asking price as possible, but a realistic guide is to expect to achieve within 5-10% of your asking price.
Of course, this is just a generalisation, as every property and every vendor’s needs are different. Some properties may be in high demand and if so, expect to achieve multiple offers and a higher than asking price offer whereas other more unique properties, may take slightly longer to achieve an offer. Therefore, it is important that your agent discusses not only your property and the expected, realistic value and that your needs are considered too. You may need to achieve a certain figure so you can buy your next property or you might be the executor of an estate whereby you must achieve the best offer for your family, all of this must be considered.
Your negotiator does exactly what it says on the tin, negotiates! We know that often, buyers will start with a lower figure, with room to improve this offer should it not be satisfactory to the vendor, that is just common sense! After this first offer, your agent will have spoken to both you and the potential buyer and will have gleaned some vital signs from both sides as to whether a deal can be done. Listen to your agent’s thoughts and feelings towards the conversations they have had and discuss how you think you can best come to an agreement with your potential buyer.
Your agent should also abide by their regulatory bodies guidance when dealing with offers. They should be communicated to the vendor as quickly as possible, along with a follow up in writing (this can be in the form of an email). If you agent is a member of the National Association of Estate Agents, they have undertaken training and passed exams to ensure that they can correctly deal with your offers. Make sure you check before you market your property if your agent is qualified.
Sometimes, it doesn’t always work out with one offer and that’s OK. There will be more opportunities to come. Keep the communication flowing with your agent and they will provide their professional guidance, it’s what they are there for! Ask all the questions you need, and it often pays to be upfront with your agent about your expectations, that way, they can manage those accordingly and achieve you that all important sale!
If you have any questions about the value of your home and what price you would expect to achieve, contact our team who will be on hand to help further.