Got a great offer just four days into the campaign, but the vendor won’t accept it because they want more? Here’s what to do.
Tell them it’s about the buyer, not the property
Speaking on Sky News’ Your Property Empire, industry expert Tom Panos said evaluating early offers is “not so much about how long the property has been on the market, but more about how long the buyer has been in the market”.
Tell them a bird in the hand is worth two in the bush
Mr Panos warned vendors about holding out for a bigger payday.
“Many times owners get offered top dollar within the first week of the campaign, but they don’t take it. And then weeks later, they want to accept it but that offer is not there.”
Tell them how buyer’s agents work
Buyer’s agent and host of Your Property Empire, Chris Gray, confirmed that it’s often buyer’s agents who are responsible for that first offer and that it is usually their best offer.
“Because we don’t want to play any games,” Mr Gray said.
“We are there to do a deal and so if we think the property is worth $700,000, we’ll offer them $700, 000 on the nose straightaway, but we wouldn’t go a cent over it.”
Tell them not all advice is good advice
Both Mr Panos and Mr Gray agreed that vendors often get poor advice from well-meaning family and friends, who suggest that if a buyer makes an early offer, it means they have got, as Mr Panos said, “more money in their back pocket”.
“I can’t get over the amount of money that has cost vendors, and even buyers, based on the advice that family and friends have given them,” he said.