So in today’s, I like to select on this topic of how to negotiate in real estate. Those rules can also apply them in life.
Because there’s always a negotiation happen even just within a daily life .
Not Let Your Emotion Get in the Way
So the first thing first is to not let your emotions get in the way. I have seen this happen a lot, especially to sellers.
Obviously you know they’ve lived their home for so many years they think their home is the best.
So as a listing agent it’s really important for you to set the expectation to your seller and educate them on what the market is going.
So that way they’re not going to expect like to too high for their home.
Because over price the listing is definitely not somewhere that you want to go for and also just as an agent yourself you should not be too emotionally involved with their transaction.
So do not be too emotionally involved even yourself as a real estate agent.
Don’t Assume Always Ask more Questions
Secondly is to don’t assume always ask questions and communicate clearly.
When you receive an offer, always choose to call the best offer and talk to the agent discussing the contingencies. When you’re supposed to settle just make sure you’re communicating really clearly in this business.
There are always multiple parties that are involved with one transaction.
So for you being the communicator, it’s important for you to ask more and more questions.
So just so for the parties they are upon and there being notified on time.
So the third is to have leverage and the reason that I want to be a glistening agent is so I can have leverage in the business.
I can scale my business a lot higher, set my own time and schedule and then also the leverage to your seller’s best scenario is to have multiple offers.
So that way as a listing agent you have leverage if the first deal fell through and you have two other backup offers.
So that’s why don’t ever over price the listing your idea of situations to get multiple offers.
Research on the Other Agent & Research on the Lender
Fourth during negotiation is definitely going to help is to do your own research.
First do research on the buyer’s agency, how many transactions that buyer agent has actually done, completed in the past 12 years.
If they are a new agent then you really need to step up the game and just you know to remind them and make sure everything is falling into place this and you know time is of the essence.
So you want to make sure your settlement close on time.
Also do a research on the lender and the companies, see what type of company they are do they have a good reputation.
Not to Listen
I see people often make this mistakes during negotiation is not to listen.
This one it actually sounds really easy but it’s really hard to do, because I know I’m the type of person when I’m nervous I tend to talk a lot and it’s really hard for me to listen.
But really in this business, the person who actually listens the most has the upper hand because they’re receiving more and more information.
Once your depor party that will see more information. You have the advantage of making a decision or you know in this situation like receiving an offer.
If the buyers the agent has given you a lot of contingencies, they give you all the information’s then it’s easier for you to make a decision whether you should receive the offer or decline the offer.
So here are the five things that I would definitely take a good look at or take notes in this article. When it comes to real estate negotiating the offer. If you have any doubt related to this topic, then comment us.