Today let’s dive a little deeper into negotiating a real estate transaction.
Last time, we discussed a few tips for boosting your negotiating skills during a real estate transaction, and today I wanted to round out that topic with a few more pointers. We won’t get too specific, since each situation could require a long explanation. Here are some universal basics to use in pretty much any situation:
1. Consider what you’re actually negotiating. Sometimes as Realtors, we get stuck on price. However, what’s most important to a transaction may not be price—you may need to ask the right questions to find out what is key to getting your client the best deal. Be clear on what the objectives are for each party.
2. Assess what is important to each party. As opposed to the best price, a party might need assistance with closing costs, repairs, a fast closing date, or other conditions.
3. Continue to ask questions. By asking questions, you’re not revealing your position, but rather trying to get the other party to reveal theirs. Don’t start out with what you will/won’t do; you’ll be perceived as trying to dictate the discussion, which could cause the other party to get defensive. If your stance is all about the principle of the thing, why are you even attempting to negotiate?
4. Solidify the compromise. Ask the other party, “If you get X, then do we have a deal?” This can help you come to a compromise where you would otherwise have conflict. Once you get to that stage and the other party accepts, the negotiations are over.
If you have any questions or would like to hear about this in more detail, feel free to reach out to me. I’d love to hear from you.
