We've already covered the top blunders buyers can make during the negotiation process, but what about sellers (and their brokers)? Here are some of the worst, from the experts. 1. Don't blab about personal information This negotiating gaffe is typically committed by the seller’s agent--though buttoning your own lips may be the best way to prevent it. “A seller’s broker needs to keep a lot of the personal reasons for selling confidential, because a well-prepared buyer’s broker will use all such information against the sellers when negotiating,” says Rodrigo Guzman of Rutenberg Realty. Though it violates a selling broker's fiduciary responsibility to the seller, brokers leak personal information “often,” says Victoria Shtainer of Prudential Douglas Elliman. “The sellers are getting divorced. The owner lost his job. They need to move because of job relocation....As soon as I hear that, I think, ‘Desperate.’ I can negotiate and I can low ball." 2. Don't take a lowball offer as an insult—or fail to respond to one Yes, this sounds suspiciously like broker spin, but worth mentioning as it was by far the most repeated lament of the brokers we spoke to--and really, what have you got to lose by seeing if you can get a low offer up to an acceptable level? “Probably 75 to 85% of lowball offers end up being the deals that get done, and they get done within 5 to 10% of list price,” says Ariel Cohen of Prudential Douglas Elliman. Moral of the story: Always counter a lowball offer—even if your counter is your asking price. “This shows a willingness to say, ‘I am serious about my price,’” says Brad Malow of Rutbenberg Realty. “’Please come back with a bit more of a serious offer.’” 3. Don't make a counteroffer that’s too small While sticking to your asking price can be an appropriately strategic response to a lowball offer, counteroffers that are too small risk backfiring. When responding to an initial offer, a reduction of less than 1% of the asking price (for example, a $5,000 reduction on an $800k asking price) “is actually an insult to the buyer” that may drive him or her away, says Bevan Versfeld of Rutenberg Realty, whereas a reduction of 1 to 3% “shows your willingness to play ball.” 4. Don't focus exclusively on price If you’re deadlocked on price, it’s time to get creative. There’s a lot more to a real estate deal than sticker price. “The seller wants to sell,” says Malow, so “what are the other issues that might be adjusted to yield a common ground? Closing costs? The purchasing timeline? Adding or dropping contingencies?” 5. Don't accept the first offer as is It’s a buyer’s market, but it’s still a negotiation. Accept the first offer as is and you may be leaving money on the table, says Kevin Kurland of The Spire Group. |
Thursday, January 19, 2012
Helpful article today in BrickUnderground on “Top Negotiating Mistakes of Sellers and Their Brokers” (3-part series). Check out the Kevin/Spire quotes:
Wednesday, January 18, 2012
New Year, New Begining
|
Thursday, January 12, 2012
Brand New Battery Park City Rentals
Brand New Luxury building
Battery Park city
No Broker Fee + Free Rent
Call Ivie To Schedule A Private Viewing Today!
917.755.2527
A brand-new luxury rental building that seamlessly combines all the best elements of luxury living with cutting-edge innovation, this 32-story high-rise that easily ranks among the most desirable luxury rentals in the Manhattan rental listings. Located in Manhattan’s Battery Park City, it sits directly adjacent to the Battery Park City Esplanade and the Hudson River. What makes this building special goes beyond just a prime location in a green, livable neighborhood and an array of modern amenities. The building is expertly designed to meet LEED gold certified standards; it incorporates green innovation in every way possible without sacrificing anything by way of luxury.
This incorporation of green innovation and modern luxury is writ large in the apartments themselves. The living rooms boast eco-friendly bamboo floors and floor-to-ceiling windows. Those windows are made with spectrally selective low-e glass; their innovative design is just one of many features in Liberty Luxe that conserves energy. The spacious kitchens are designed to be great gathering places, and their open layouts feature bamboo and glass cabinetry, Imperial White Darby countertops, and KitchenAid stainless steel appliances. Inside the bathrooms, residents are treated to limestone finishes, Grohe fixtures, and a large bathtub.
The amenities at are no less impressive. It has a billiards room and a Greenhouse Lounge which residents may reserve for private catering events. The building also lies in Manhattan’s chic, trendy Battery Park City neighborhood. Replete with park space, excellent restaurants, and gourmet grocers. Renters at Liberty Luxe will enjoy a sophisticated, forward-thinking lifestyle in a neighborhood that is one of the best residential enclaves in Manhattan.
Available Rentals:
Subscribe to:
Posts (Atom)