Basics of Property Management: Screening Potential Tenants
What To Know About Negotiating On Your Home Sale
Jesse Obrien
One decision you make when selling your home is how much to ask for it. The asking price is the starting point for the negotiation process buyers use when settling a deal. However, it is not necessarily the amount you'll get when selling your house. After all, there are negotiations in most home sales. Here are some vital details to know about the negotiating you must do when selling your house.
Look at the total offer
When a buyer makes an offer, you'll notice that it includes many details. In fact, it might contain multiple pages. Thus, your job is to view the offer as a whole. Unfortunately, many home sellers look only at the amount of money the buyer offers. While the amount is vital, other details also matter. So what does this mean?
It would help if you calculated the total offer by looking at every detail. First, look at the offer amount. Next, subtract the amounts that will cost money. For example, you must subtract the amount the buyer requests for closing costs from the seller. You must also subtract any other amounts that cost money. The answer is the true offer. If you get multiple offers, this method helps you compare the offers evenly.
Consider the economy
Next, consider the economy when reviewing your offer. For example, are homes selling quickly and for high prices? If so, you should expect more. If they're not selling quickly, you might have to accept a lower bid.
Proceed when countering the offer
Finally, respond to the counteroffer. Your real estate agent can give you ideas about this. The goal is to get a better offer without losing the deal, which can be challenging. You can counter any details of the offer. For example, you can counter the offer amount. You can also counter the amount they're asking for closing costs. You have options, but you must proceed with caution. If you ask for too much from the buyer, the buyer could void the deal by choosing not to sign the counteroffer.
Talk to a home selling agent
A home selling agent is someone you hire to help you sell your property. Your agent can review the offer when you receive it. Then, they'll offer advice, tips, and suggestions for responding to it. If you have questions, talk to a home selling agent today. They can help you list, sell, and negotiate the deal.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.