Randy’s Tips: How To Turn Down Offer With Class (If You Have A KLCC Condo!)
March 3, 2014
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Hey, Randy here with another installment of “Randy’s Malaysia Property Tips”. Today we talk about how to reject an offer – especially if you’ve got a classy KLCC condominium which will undoubtedly go up in value over the years! I mean, there’s so little left of Kuala Lumpur freehold land, and whoever who can still go and grab some will definitely prosper in the future. Mark my words!
And yeah, I received some hate mail regarding my last post about not buying foreclosures, and as we all know, Malaysia foreclosed properties are kinda, well, sucky.
Turning Down An Offer – What To Do Without Pissing People Off!
As good as getting an offer may get, sometimes, we just have to turn it down. In home selling (particularly in Malaysia), turning down an offer could be the best or the worst move any home seller could make. It could be the best on one hand, because you might be getting an even better, more ideal offer for your house – what home owner could ever say ‘no’ to that anyway?
As demand for KLCC condominiums are already on the downside (although certain properties like the mighty Quadro are still hot), your choices of offers might be limited…
However, there just are offers that are unacceptable and you – the homeowner – are left with no other option than to turn it down. But that does not make it any less difficult. Turning down an offer without offending your potential buyer can be really challenging. And yes, up to this point, even when you’ve turned their offer down, they are still potential buyers, keeping the door open for them to adjust their offer to rates more acceptable for you.
Sidenote: This is especially true when you are in hot areas and properties such as: Medini in Iskandar, Tropicana Metropark, Empire Subang, Vipod Suites in KLCC and also slightly older projects in Puchong South such as 16 Sierra (IOI Properties) and D’Alpinia.
Your Options… Count ‘Em!
There are three basic ways to turn down offers:
- Write a letter back with your lawyer’s signature, along with a copy of the offer. Politely inform your potential buyer that the offer is a little too low for your standards. It does not really have to be long and elaborate; a polite little note with a signature from your lawyer will do.
- Have your real estate agent write on your behalf. If you’re doing your home sale with an agent, your agent can then rely the message to your potential buyer.
- Give your potential buyer a call, or have your real estate lawyer or agent make the call. If communication in this form is possible, then do so.
- Talk to them in person. You can always invite them over the house for some refreshments and turn down their offer personally.
How to Turn Down an Offer With Class
The thing about turning down an offer is that it seems so negative, so final. Turning down an offer should not be about closing the doors on that certain buyer just because her initial offer did not meet your ideal price.
Whether you call, write, or meet with your potential buyer about turning down their offer, make sure your message states the following:
- A polite, slightly apologetic (for formality’s sake) manner of turning it down, like ‘I’m sorry, but I’m afraid I cannot accept the offer for now’. If possible, get a seller of the same property that can perhaps meet the offer – the best way to do this is to go to good location-specific property sites (for example, a good KLCC condominium site would be the KLCC Condominiums Encyclopedia, and a good Australia real estate site would be something like Homely. Alternatively, also look out for “purpose driven” sites like 42Floors – which is a commercial real estate site in US).
- An explanation on why you can’t accept the offer. Mostly, this is just talking about the actual market value of the house and just how much you’re willing to accept for the house.
- An offer to give them some time to revise the offer. You may never get another offer on the house and so keeping the door open for them for revision is one way to ensure that you don’t lose them. You seriously need them if indeed the market is a little too competitive (cue: Mont Kiara properties, and some areas in Sentul: for example, YTL’s Fennel and Maple).
Randy “KLCC Hunk” Evans
PS: I will be out of town from today until next Monday – there will be a property expo which I want to go in Iskandar, Johor Bharu.