Top Tips for Real Estate Negotiation
The right negotiations make a huge difference when buying or selling a home. A small mistake could cost thousands of dollars, so you need to be prepared. The right real estate agent makes a huge difference, but you should still understand a few tips about negotiating when dealing with real estate.
1. Empathy and Listening
You want to make sure you show empathy during negotiations, especially when buying. The seller may have a strong emotional attachment to their home and if you come off rude or like you don’t understand, they may decide to accept a different offer.
Make sure you listen actively so that you’re aware of what’s going on. Sometimes, when you listen more than you talk, you actually find out what you need to know without having to ask. This can be very powerful during negotiations.
2. Full Disclosure
When you’re selling a property, you want to provide full disclosure up front. When you give the buyer everything out in the open, you take away many of their negotiation chips. This shows you understand any minor issues or even major issues going on with the property and you’ve already set your price accordingly.
3. Change the Topic
During negotiations, if you come to a stalemate where a buyer or seller won’t budget, you need to change the topic. You can go a different route and circle back around after a few other things have been ironed out.
4. Create a List
Before you go into negotiations, you should create a list of the different things you may concede and what you won’t budge on. This gives you a priority list to work from and helps you to make concessions when necessary and stick to your guns with other things.
Negotiating a deal to buy or sell a house is serious business. It can be very risky to take this on yourself. Real estate agents are masters in the art of negotiations and will represent you throughout the process. You can still be heavily involved in the behind-the-scenes of the negotiations, but allowing a professional to do the talking will bring a better deal to the table.
Elite Referral can help connect you with just the right negotiating real estate professional.