The Art of a Real Estate Deal in Las Vegas: Communication is Key
Selling your home in Las Vegas can be a delicate process often fraught with anxiety on both sides of the aisle. However it need not be this way.
Communication and having empathy for the buyer’s point of view is paramount to success. Once an offer is accepted and signed by both parties, we now have a legally binding contract. A contract does not guarantee a closed sale. There are a few things that can derail the process along the way (such as inspections and financing) and that’s before you factor in human emotion. Over the years I’ve watched sellers allow poor communication, impatience and greed dismantle an otherwise strong contract. In fact I’ve even seen deals die less than an hour before closing!
As a seller this is what you DO NOT want to do
Become greedy. Not long ago I listed a residence. I had worked with this seller on another home and he was fantastic. His properties were immaculate, he didn’t overvalue his real estate, nor did he believe he could defy market trends. Ultimately he was a dream client, just great to work with. Prior to listing we looked at the data together and arrived at a price that we felt would get us under contract quickly. He agreed and we placed the home on the MLS that Friday. By Sunday we had a full price offer, all cash, which could close in less than two weeks. The only contingency was for an inspection. It’s about the best deal you’re going to get.
His response? He wanted to think about it.
Yes really.
Because the offer was strong and came in so quickly, he wondered if he was losing money. He asked if we should decline the offer and raise the price instead. The reality was that a great Las Vegas home, priced well, will go under contract quickly regardless of the market (This is one of the biggest misunderstandings about down-markets by the way, that homes can't be sold quickly and for top dollar.) He wasn’t selling himself short; we had simply priced the home perfectly.
Shortly after he asked me flatly “Do you think I’m being greedy?”
I asked if he would like to lose a cash buyer by trying to make a little more money. I also pointed out that if the home were to go back on the market, the chance that he’d get another full price offer was slim, especially after raising the price. Was that worth the risk? He changed his way of thinking and we closed the home ten days later.
What you WILL want to do
Work with the buyers and don’t take things personally. Buyers will ask a lot of questions and it’s your job to accommodate their requests for information. Do they want to come back and view your home again with their parents? Allow it. Did they need to come back and measure a room? Allow it.
Realize that communication is critical. The more they know about your house the better. Don’t view these inquiries as intrusive or take things personally. Work with the buyers to achieve a goal together. They want to buy a home in Las Vegas and you want to sell it. Return requests for information promptly such as surveys and home repair documentation.
Not all deals are going to work out, but following these basic guidelines will certainly help the odds of a successful closing. Remember that both parties are anxious about the sale and people intrinsically tend to think of their needs first.
The bottom line
Be empathetic, understanding, patient and honest. It goes a long way to getting your home in Las Vegas sold. It goes a long way in life too.