In many areas of this country today, there are more licensed real estate agents than there are currently listed and available houses on the local market. Also, there are some who believe (falsely in my opinion) that they don’t need to hire an agent and proceed, try, do it themselves. For many reasons, it makes little or no sense to do this, mainly because: studies / surveys indicate homes sold by real estate professionals generally sell for considerably more; the degree of experience, to be prepared, for contingencies; avoiding the hassle of showing your home regularly; advice on transactions; and, perhaps most importantly, often professional negotiation and market knowledge / understanding. After more than 15 years, as a licensed real estate seller in New York State, I firmly believe that smart agents use at least these 5 steps to be an effective, quality real estate negotiator.
1. Know / understand / consider your client’s goals / perceptions / priorities: Proper marketing and selling someone’s home, with the best combination of terms, requires focus and emphasis, taking the time and making a concerted effort to know and understand your client’s goals, perceptions, and priorities. Listening effectively and paying close attention increases the possibility of proceeding with the highest degree of genuine empathy and understanding. How can you correctly represent someone, unless you start, with this knowledge?
two. Understand the needs of the other party: If you represent a buyer, you need to understand what the seller is looking for. When you represent a homeowner / seller, you must look at your home, as a potential buyer would, and be committed to telling your client what they need to know. When you make an offer and / or receive one, it is important that you acknowledge and conduct the negotiations, let them begin!
3. Find common ground: The best approach to negotiation is usually not adversarial, but rather to proceed with a win-win strategy. Quality negotiations must be based on finding common ground and achieving a meeting of minds.
Four. Address pricing and other key issues: Price is often the deciding issue in reaching a deal, but it is important to discuss them as they relate to other terms, financial, emotional, time-related, potential stress, and / or risk / reward considerations.
5. Close the deal: It is not a professional performance, unless / until, an agent, strikes a deal, both parties are satisfied! Valuable representation must end, effectively, closing the deal!
Will You Commit To Following These 5 Steps To Be A Better Real Estate Negotiation Pro? Are you committed and willing to be better?
