As a seller, your goals are usually two-fold; to have your property sold as quickly as possible and to get as much money as you can for it.
The desire to obtain top dollar for your listing is what can lead to something I like to call ‘First Offer Syndrome’.
First Offer Syndrome is when the owner or seller first lists their property, receives a good offer, but chooses to pass on that offer in hopes of receiving a higher one. The problem with waiting for more money to come around the corner is, it doesn’t always come.
There are two indicators that you can use:
1. There are a lot of internet hits on your listing, yet, when the time comes for an inspection or open house, there are only four or five prospective buyers in attendance. This is an indication that people are clicking on the listing because it has piqued their interest, yet when they read the details and the listing price they fail to see real value and in turn don’t spend their time coming to see it.
2. There is a lot of web traffic and there are a lot of attendants at the open house. It seems the interest is high and people find value in the property.
Because of this, that first good offer you received leads you to believe there will be more and better offers to come. It is a Catch 22; you reject the first offer and, as the days progress, the number of attendants at your open house go down and there is never a second offer.
Be mindful, it only takes 3 weeks for a property to become stale. At this point that first buyer has moved on because you chose to pass up their offer.
So, what do you do?
Make a wise assessment of your situation. If your first buyer makes a reasonable offer, assess your situation. If the offer will allow you to move on to another property, pay off another mortgage, or reduce your loan by ten years, saving you interest, then it may not be worth holding out for additional funds (which may never come).
It may be more advantageous to accept and sell the property and move on than to continue to invest time and effort in it. You can always ask your agent to counter offer and try to get a bit more money, but if it’s not there, sell, and move on. Don’t miss the smart money up front and get stuck playing catch-up.
CONTRIBUTOR – Adrian D’Amico: Business Owner Sales & Marketing Consultant – Harcourts Wollongong. Adrian is an enthusiastic Real Estate professional who has the ability to recognize and understand the necessities of his clientele. He has survived the test of time in the real estate industry, remaining devoted and passionate about his profession.
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