How Sellers Can Respond When Buyers Have More Negotiating Power

The current UK property market can be frustrating for sellers. Buyers have more homes to choose from, and mortgage costs are on the up while price growth has slowed. People have more reason to take their time, compare properties in minute detail, ask all the questions, and push back hard on prices that seem a bit high.

Buyers are not just weighing up a property on its own merits, but judging it against other properties on the market. If they think they can get more for their money elsewhere, they’ll lowball their offer or simply move on.

Sellers can respond positively, though. They must be clear about the price, understand what buyers are looking for, and choose the most suitable sale method. Online property auctions are one option worth considering, particularly if you want a defined sale period and clear terms from the outset.

Start with a realistic view of your property’s value

A realistic price can bring more people through the door, while an inflated one can leave your property on the market while buyers focus on better-priced alternatives.

Recent sales in your area offer a good guide to finding out a realistic value. Asking prices help a little, but they don’t tell the full story, as a property may have been listed for months, or the final sale price may end up well below the original figure. An agent or auctioneer will likely have a clearer view of the likely market value, so ask them or use a free auction valuation service.

Make it easy for buyers to see the value

There’s no need to spend a fortune before putting your property on the market. Just fix obvious faults, clear away clutter and deal with simple jobs that make the home feel cared for. If a room is full of furniture, removing a few pieces may help it look larger.

Also be honest about any work that’s needed. Buyers may be willing to take on a project, but they need enough information to judge the cost. Seemingly committed buyers can be lost when hidden problems are revealed during a survey or legal check.

Think carefully before accepting a low offer

A low offer can feel like an insult, but it’s worth taking a step back before you respond. The buyer may be testing your position, or they may have based their offer on recent sales and the work they think the property needs. Also keep in mind that a slightly lower offer from a buyer who can move ahead right now may be more attractive than a higher offer from someone whose plans remain uncertain.

You can always make a counteroffer too. Just make sure you know your lowest acceptable figure before negotiations begin, rather than making a rushed decision under pressure.

Keep your sale moving

If interest in your property is limited, review the price and marketing rather than waiting and hoping the market improves. Ask for feedback after viewings, as several people may raise the same concern, which can then be addressed.

Flexibility can help too, so offer a range of viewing times to help bring more people through the door. If you’re in a chain, keep your own plans clear and be honest about the dates you can meet.

Could an online auction be the right choice?

A traditional sale often involves a period of negotiation, followed by conveyancing and the risk that the buyer may pull out before exchange. Online auctions operate differently, setting a clear bidding period and offering an unconditional sale, with the winning bidder legally committed once the auction ends.

That can appeal to sellers who want a defined route to a sale. It may also suit renovation projects that need work, have unusual features or have struggled to attract offers through a conventional listing. Auction buyers often specifically look for these types of opportunities.

Before choosing this route, speak to an auctioneer about how your property might perform and what you’ll need to prepare, including the legal pack.

Decide what a good sale looks like for you

Having less negotiating power doesn’t mean you have to accept the first offer that comes along. It does mean you need a clear plan and a realistic view of what buyers are prepared to pay, and that always starts with a realistic valuation.

Then make the property easy to view and set a price that reflects the competition. If offers fall short, weigh them against the time and cost of waiting for another buyer. For some sellers, a conventional sale will remain the best fit. For others, an online auction may offer a more direct way forward.

Auction House London provides in-depth guides for buying and selling property at auction, and if you have any questions about the properties and land currently available for auction, then contact our team of auction professionals. If you’re already looking to buy residential or commercial property at auction, browse through the lots listed in our forthcoming auction. Or, if you have property you want to sell, why not see how much it could be worth in an auction with a free valuation by Auction House London.