Real estate agents are not only there to give expert advice or to assist both the buyer and the seller to the transaction. Agents are also there to negotiate. A good real estate agent can smooth talk his or her way to a good deal.
Sellers and buyers must be able to meet in the middle if they want to make a proper deal. Negotiation is like the climax of the whole buying a property process. It’s the momentum, it’s the final draw that has to be done. In order for the transaction to meet a good ending, a real estate agent must be able to step his game up.
Strategy is key to a good deal, and every businessman knows that. Sellers can be a tad too careful with the deal that buyers are often left hanging with a bad end. This is where real estate agent comes in. Agents must make sure that far deal is happening between the two parties. To help those newbie agents we gathered some tricks to get ahead in every negotiation.
But before going in with the tactics, we first collected some of the steps that you have to remember before making a huge deal.
STEP 1: Know who you’re dealing with
Empathy or maybe, a good ounce of sympathy can get you a great deal. Know what the seller’s interest at heart. Is he desperate to sell the property? Or is he willing to wait it out? Having a good look at the driving forces can help you gain a perspective on how you are going to talk things through the negotiation.
STEP 2: Study
If the seller makes an offer, do not say no right away. Talk to your client about how the two of you are going to push through. Ask yourself, is the offer good enough already or does it still need some brushing up?
STEP 3: Avoid narrowing down the negotiation
The price is not only the issue when negotiating for the final deal. You also have to sort out the cash needed to close, final payment, relocation of the seller, furniture, and moving in date. As an agent, you must be able to sort these issues out.
Now that you learned the basics of coming up with a good negotiation, it’s now the time to know some tips and tricks. The following are some of the strategies that you can use in order to make a good deal.
- REJECT THE OFFER
One of the most extreme and dangerous tactics in the game, rejecting the offer and not giving a counter is probably a do or die situation. After not countering the offer, you should ask them to give a new one. This will give the perception that you and your client are not that serious with the property and are looking for other ones. The best result is when the seller panics and give you the offer that you want.
- PUT A DEADLINE ON THE COUNTER OFFER
Once you give the counter offer, give the seller a time to think about it. Give them a short period of time so that they will feel pressured to make a decision right away. Time pressure can make the seller say yes to whatever offer that you have told.
- THE ILLUSION OF THE OPTION
As they say, those who have more options gets the best deals. If the seller has tons of buyers lined up, then he or she will have an easy time rejecting whatever amount that you’re offering. The key is to make him the seller believe that you and your client have more option, that you are still looking at other properties. People naturally want those who are not interested – real estate is not an exception to this. And also as an agent, it is in your task to give your client more options so that they won’t get pressured down to a good deal.
- USE INFORMATION
Earlier in this article, we told you that to make a good deal you must know who you’re dealing with. This tactic means that the next time that you meet up for offers and counters, you must be able to give answer to any questions that your seller has. Give him solutions to pressing problems about moving in and so on. The seller in return will also feel like he or she is taken care of and all the aggressiveness will go away.
- SORT OUT THE REQUEST
Sellers often bombard clients and agents request. The rule of thumb is to complete one or two more of the requests, not all of it. Tell the seller that you already completed the part for the client and it’s up for them to finish it up.
Always remember to listen up to both parties and sorting out every possibility before creating an intelligent counter offer or action. Note that both parties should be able to get a happy ending that they all deserve.
Image source: http://www.persquare.com.ph/for-sale/condominium-ncr-metro-manila-pasig/2-bedroom-in-pasig-the-rochester-between-makati-bgc-taguig-ortigas-cbd-near-c5-road-eastwood_115536 – Empire State Holdings Inc
