I’ve learned a lot in my career regarding how to successfully negotiate. Today I want to pass on some tips to you.
Today I want to pass on some tips I’ve picked up over my career in real estate about how to successfully negotiate during a real estate transaction.
1. Reply quickly. Real estate transactions are an emotional process for a lot of people and tend to create a lot of anxiety. Replying quickly shows them that you’re polite and that working with you will go quickly and smoothly. Relieving the other party’s stress will help you get your way a little more.
2. Hire an experienced agent. Negotiations are based on feel and experience for a lot of agents. Unfortunately, new agents and those who aren’t in the practice of negotiating really lose that feel. It’s not so much about how often you communicate, but more about how you communicate. Like a good surgeon, you don’t have to use a lot of force; instead, they just need to do the right thing at the right time.
3. Buyers should check with their lender. An additional $5,000 or $10,000 might seem like a lot of money, but if you speak with your lender, it might actually not be that much in terms of your monthly payment.
4. Sellers should know what their holding costs are. Pay attention to how much it’s going to cost you to hold your home on the market; I often cringe when I see sellers let a deal go for $1,000 or a little more. The reason they do this is that the holding cost is an emotional, and sometimes financial, drain for people.
Hopefully you found these tips helpful. If you have any questions, don’t hesitate to reach out to me. I’d be glad to help.