CONTRACT NEGOTIATIONS – “WIN-WIN” IS ALWAYS A WIN!

Negotiations are a crucial part of all real estate transactions.  We negotiate far more often in our everyday lives than we realize.  We are negotiating all the time, for example, the time we go to lunch with a friend, the date when a report will be submitted to the boss, the price  of an item at a flea market, who will go first in a game, etc.  All examples of daily decisions involving another person or persons, requiring compromise – requiring give and take.

In a real estate transaction, negotiations are not only about the price. Although price is the entry ticket to the rest of the transaction, there are other terms and conditions that must be negotiated, for example, the timing of the sale – when it will close, the amount of down payment, the condition of the home - “as is” or including repairs that the buyer has requested.

Ideally the goal is to have a “win-win” situation in real estate transactions. While there are some people that view contract negotiations as a “win-lose” outcome, the truth is everyone will benefit by striving for a “win-win”.  Compromise is an important part of getting to a result that will satisfy both sides.  It’s important to identify terms that need to be negotiated from terms that are true “deal breakers.” But there are really, very few conditions in a standard contract that are serious enough to kill a deal.  Sometimes emotions are responsible for turning what should be negotiable terms into non-negotiable terms. 

Often communicating voice-to-voice is more effective in getting to a “win-win” transaction, than emails and texts. Some issues need to be discussed to understand the underlying motives of the parties. Knowing everyone’s key terms up front is important, because while something could be a non-issue on one side, it could be the very selling point that makes it a win for the other side.

Buyer and seller have to express and make known to their agent, what’s really important to them.  Conversely, buyer and seller have to avoid looking for a “win-lose,” when the issue is not important to them. From the beginning of the transaction, it has to be about the issues rather than the emotion.

One of the keys in negotiating is to recognize that each party will have his/her own perception coming into the negotiations, and that is his/her reality. It’s important to stay level-headed during negotiations. Though it may be an emotional experience for both buyer and seller, it’s critical not to let negative emotions take over and become a factor. In the end,  “win-win” comes about when a solution is acceptable to all the parties, and there is a sense of trust and fairplay.

BEFORE YOU PUT YOUR HOME ON THE MARKET…

Before you put your home on the market, here are 3 fundamentals that are critical to getting the best result:

 FUNDAMENTAL #1:  INITIAL PRICING – GETTING IT RIGHT

Whether it’s a buyer’s market or a seller’s market, right-pricing your home is the key to getting the best price and a timely closing.  Since over 90% of home buyers pre-shop on-line, it’s critical to zero-in on the right price range at the onset of the selling process.  Buy understanding your target market - your ideal buyer - you and your realtor will be better able to select the price range that works for your home.   The goal is to reach the largest audience possible for your home’s price range. The higher the price range, the smaller the audience; the lower the price range the wider the audience.

 FUNDAMENTAL # 2:  STAGING – EVERY HOME NEEDS SOME

Staging is critical to a timely sale. 81% of buyers stated that staging allowed them to visualize the property as their future home. Also, 68% of staged homes sold for 9% more than an un-staged neighbor’s home. Staging does not necessarily require a total redo of a house.  Certainly, repairs must be done, a thorough cleaning inside and outside is essential, decluttering, and  perhaps painting (neutralize strong colors).  We also introduce accessories and decorative items to create a scenario that will help the buyer envision themselves in the home and enjoying doing the things that they love to do!  

FUNDAMENTAL #3: POSITIONING – PUTTING YOUR BEST FOOT FORWARD

Similar to staging, when marketing a home, the focus should be on lifestyle.  This is even more significant here on the North Fork.  So many of our buyers are attracted to our community because of the natural beauty of the land and water that surrounds us.  Our North Fork is differentiated from the South Fork, by our laid-back, easy, lifestyle and all that we offer year-round but especially in the summer months.  Your home also has unique assets. Be sure to make a list of all the great aspects of your home and property, that may not be obvious.  What you love about your home, your likely buyer will also love!

We believe in and practice these fundamentals to marketing homes for sale. 

If you’re ready to sell, call us at 631 765 5333 and we will meet with you and you will see these fundamentals put into action for your home!

SOURCE REFERENCE: RISMedia, July 11, 2019

SELL YOUR HOME THIS SUMMER

The North Fork, in summer, is absolutely the best place to be!  We are a destination, resort community this time of year – everything is green, flowers in bloom, amazing waterways – bays, creeks, harbors, Long Island Sound - for boating, kayaking, swimming, we have spectacular sunrises and sunsets, we have open land, farms, vineyards, fun breweries, great restaurants and interesting shops.

Who wouldn’t want to be here?  EXACTLY!!!  If you’re selling your home, now is the time to make it shine and aggressively market when everything around you is at its peak.  So, avoid the temptation to slow down with the summer heat, and keep the marketing process going. 

Here are 5 TIPS to keep things rolling and get your home sold in the height of the North Fork “in-season”:

1.    KEEP YOUR HOME IN “SHOWING SHAPE” with beds made, dishes in the dishwasher, you know what I mean.  It doesn’t have to be spotless- I’d rather show a house that’s just a little messy, rather than lose an opportunity to sell it. Prospective buyers understand its summer and the family is about.

2.    SAY “YES” TO THOSE APPOINTMENTS when your agent calls to show the house.  There are about ten weeks left to summer, and you should take every opportunity to show your house in the prime season. 

3.    DO THOSE OPEN HOUSES even though you’d rather hang in the pool.  It’s only a couple of hours a week, you can use the time to go swimming, boating, shopping, lunch!  Buyers who come to open houses account for 20% of our sales. Serious buyers plan weekend time to shop for homes on the North Fork.  Open houses help agents as well, since they have more flexibility to schedule a showing with their client, during the broader time slot of the open house. 

4.    DON’T LET THOSE LAZY DAYS OF SUMMER slip through your hands.  Keep up with your home, if something breaks fix it. Keep up with the lawn and gardens. And welcome every opportunity to show your home.

5.    GIVE EVERY OFFER SERIOUS CONSIDERATION. View the offer without thinking of possibilities that may or may not happen, try to keep emotion out of the evaluation. Look at it as a business deal and give it your best thinking. Make the deal and enjoy the rest of the summer! 

Call us, at 631 765 5333, we’re happy to help you through the process from the first day, through the closing. Or visit our office at the corner of Main Road and Horton’s Lane in Southold. 

INDEPENDENCE DAY 2019 - CELEBRATE OUR FREEDOM

On July Fourth, we commemorate the signing of the Declaration of Independence, the document that marked the emergence of the United States as an independent, self-governing nation, guided by the principle of liberty.  It’s good to remember that the freedom we value today was earned by the bravery of the American statesmen who signed this document, putting their lives, reputation and personal property at risk. Fifty-six men, supported and guided by many brave, hard-working and dedicated women, stood together and affirmed:

            "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights that among these are Life, Liberty and the pursuit of Happiness."

            

            In 1776, as copies of the Declaration spread through the states and were read aloud at town meetings, religious services and public assemblies, Americans marked the occasion with celebratory rituals. They lit huge bonfires, "illuminated" their windows with candles, fired guns, rang bells, removed the symbols of the monarchy from public buildings, churches and taverns, and decorated the walls of their homes with newspaper copies of the Declaration of Independence. Today’s fireworks mark this great event with an exuberance our forefathers would have appreciated.

     

            We will be handing out replicas of the Declaration of Independence and American flags from our front steps during the Southold Town Annual Parade down Main Street.  The parade kicks off at 12 NOON at the Firehouse and ends at 1PM at the American Legion Hall.  Hope you all will be there.  Check local newspapers and websites for fireworks – lots going on!   It’s a great way to celebrate our wonderful country’s independence and teach our children the reason for the celebration. 

May God Bless America.

IN MEMORIAM

CHRISTOPHER WYATT DRUM

                                                 MAY 25,                                              JULY 2,

                                                   1972                                                   2014