Not everything in life is negotiable, but experienced negotiators can secure a good real estate deal in any market. And that goes for both buyers and sellers. Being able to identify a good deal all comes down to doing your homework and being ready, willing and able to bring your negotiating skills to the table. So why is it that so many people run for the hills when it comes time to negotiate?
Most people think that negotiating with another person feels like conflict and it’s one of the main reasons why people avoid it. But negotiating with a goal in mind can produce a win-win for both parties and the desired outcome in a timely manner.
It’s important to remember that negotiation is a two way process and both parties need to give and take. When it comes to real estate, one party not budging can be a definite deal breaker, as the other party will simply walk away and negotiations at this point are pretty much over. It is possible however to recover a deal as time can be a great negotiating tool, so don’t panic at this point and exercise a bit of patience, it can be the breather that both parties need.
No matter what side of the deal you are on, the Agent plays a large role as they are the “go-between” the buyer and seller. Buyers need to remember that the Agent always represents the seller and sellers need to know that the Agent is there to seek out the best deal possible AND get the deal done. Agents trained in negotiation are able to bring patience, charisma and strong research skills to each transaction to ensure both parties are in good hands, making the negotiation process more pleasant and successful for everyone.
Tips for Sellers:-
- Choose your Agent wisely by checking their references from past sellers
- Give your Agent a negotiation scenario and ask how they would handle it
- Ensure your Agent has been formally trained in the negotiation process
Tips for Buyers:-
- Don’t be scared of the negotiation process
- Be patient, the Seller usually has a big decision to make
- Do your research and complete all your due diligence prior to making offers