How to Deal with “Bottom Feeders” when Selling

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The national media continues to paint a bleak picture of real estate across the country, which really gives buyers a false impression of the reality of our market.  The truth is that inventory is shrinking and prices have increased slightly in many areas of SW Florida.  The false impression the media gives leads many buyers into a “lowball” bidding process.  This is not the same market as Michigan where you can’t give away a house, so how do you, as a seller, deal with that mentality?

 

Last week, one of my listings got the all-too-often lowball offer.  It can make the sellers hostile and not even want to deal with the prospective buyer.  However, you can turn it around and get the buyer up significantly on their price offered in a short time. Here’s how:

 

  1. Focus on the features, benefits, upgrades, lot, view, and exposure of the home – anything that sets it apart from the competition.  Paint a picture to the buyer that this house is special. Getting their emotions tied into it can make all the difference in their decision to raise the offer.
  2. Show them the comps.  If your home is priced in line with the comps of the neighborhood, let them know that.  Oftentimes these lowball offers are due to a lack of education.  If you spend the time educating the buyer, you’ll be surprised how quickly they can turn their low offer into a good offer.
  3. Counter their low offer with an equally small counter offer.  It shows good faith that you are willing to work with them (even though you may not want to quite yet). In addition to only coming down a small amount, educate and explain the facts to them as I described above.
  4. You can always flat out reject the offer and say “no.”  I’ve found this tactic to be not as successful, mainly because it puts the buyer in a “shut down” position where they get frustrated and nothing happens.  Remember you can always catch more flies with honey.
  5. Take it all in stride.  If it’s meant to be, it’s meant to be.  They will come up and you will eventually put a deal together.  If not, then let it go and move on.

 

When dealing with any type of offer, always remember that a bird in the hand is better than two in the bush! You never know what tomorrow will bring, so maybe today’s offer is one worth taking.  Good luck and happy selling!

 

 

Need help Selling, Buying, or with Property Management?  Please contact Gabe for advice at:  239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com Gabe Mellein is the broker of Gulf Pointe Properties,   He has 8 years experience in the SW Florida Real Estate Market.  He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.

 

 

 

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