Time and time again we fall into this scenario with our owners and it’s always a hard call on what to do. As an owner, mentally it’s understandable to think that if you’ve been given an offer at or above your asking price in the first week, maybe we didn’t ask enough in the first place. How that plays out in the real world is very different and ten times out of ten, the agents advice is to take the offer.
The real logic behind a strong offer at the start of a campaign is the buyer wants to put their best foot forward so they don’t run the risk of losing the property to competition. It’s a very common event and as an owner selling in this current market, you should be ready to take an offer as soon as you list your property to sell.
Greed is the factor that stops owners from excepting stellar offers. The want for more is usually the reason for the losses they incur months down the track when there wasn’t another offer in the same vicinity and you keep chasing. Once you’ve exhausted the market place, and receive no or low offers, all you want is to get back to the original number that was initially offered. By this time, that buyer would have either bought another property, will not buy yours based on principal or will most likely lower the offer as they know no one else has come close. In the end, you are forced to chase the market down and after months of trying to sell, you’ll most likely sell for a price lesser than that first offer and don’t be surprised if it’s a lot less than what you endeavoured to achieve.
I’ve always discussed with my owners that there is a high possibility that we may get an early offer. I make it quite clear that if an early offer comes in and it’s at or above what they want to achieve, then my advice will always be take the offer and move on with life. It’s not only my job to get the best price for my sellers, it’s also my job to make sure they don’t get into there own way and end up with less money in the future. As an agent, we must stand strong on what we believe. If we think there’s more out there, then we’ll do everything we can to get it.
Just make sure that once you set the bar you stick with it unless advised otherwise. Don’t get greedy and deploy a common sense when blinded with dollar signs. Listen to your agent, they are there to advise you and help you make these big decisions. Save so money on marketing and start preparing for your new life.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.