How is selling a newspaper like selling a house?

The question of who will be the next steward of the Boston Globe is big news. My former writing space, Boston.com, is up for sale. New York Times Vice Chairman, Michael Golden told Boston Globe employees (from the Globe):

“We will take what we consider to be the best bid,’’ Golden said, describing a process that he estimated would take six to nine months. Price is important, he said, but leaving the Globe in capable hands will be a consideration.

So how is selling a newspaper like selling a house?

For house sellers who are investors, it’s all about the Benjamins, period. Their goal is to get the most money, then about how quickly and securely they will get it. So, the highest offer with solid financing wins. The Times doesn’t intend to act solely as an investor. It has reason to care about journalism and its reputation. 

For owner-occupant house sellers, price is important, but leaving the house in capable hands matters too. Many are attached to their houses and the memories of events that took place while living there. If given a choice, sellers will choose a buyer who seems to be the next set of capable hands to care for the house. Being the right steward can get you a house, when in competition. It may even get you the house at a slightly lower price. Being disrespectful can lose you a house, or cost you more.

As a buyer’s agent, I am all about getting the best house at the lowest price. Keeping the seller’s motivation in mind is part of that process. For owner-occupants it is price first, but then, that something else. Everything you do and say in front of a seller or a seller’s agent is part of the picture of who you are as a buyer and as the next steward of the house.  As a buyer, you should be aware that negotiation begins with “hello.” There are things you just should not be saying, ever.

Sellers can be turned off by aggressive buyers who openly criticize the property, talk about renovation, or discuss tearing it down. Your snarky opinions may be clever, but that joke could cost you thousands. If you want to make fun of the 50’s decorating, do it outside. If you include a letter about how much you love their house, it better be honest. If it sounds like a buttering-up job, it is not going to work. Sellers weren’t born yesterday.

I have been lucky that my business has grown to attract people who are smart and respectful. I can’t teach respect, but I remain mindful of their communication and its affect on negotiation. With clients like this, I can fine-tune the negotiation from the first phone call.