Ramlee The Negotiator

Hello! Ramlee here contributing once again for 5-Star. Florida has been real busy, so write I go. 🙂

A lot of you may wonder how a real estate agent works out negotiations in the real estate world. So let me give you a backdrop on how it goes.

Negotiation experts believe that trust is vital when it comes to negotiating for real estate. However, real trust cannot be built overnight. It will take time and, unfortunately, you won’t have much time available when it comes to real estate transactions. As such, time would be of the utmost essence instead.

The good news is that you can still build some trust in these negotiations by approaching them positively, cooperatively and with teamwork in mind. After all, you have to try and reach your common goals together in order to succeed. Here are several negotiating tips that will help you do so in the long run:

1. Look for Win-Win Situations.

Great deals can only occur if everybody believes that they were treated right. In general, sellers would want to get the highest returns possible on their investments, while buyers would want to get a fair price in the end. Since every side wants exactly what they wish and hope for, it would be vital to compromise when it comes to this. You cannot always say “This is how things are supposed to be done where I live!!” No. So, always be willing to compromise. This will ensure that both sides feel and walk away like they won in the deal.

2. Remember that It is Nothing But Business.

This means that you have to keep every feeling under control. Listen and take the other side’s position into consideration, as well. Also, don’t be afraid to ask questions and learn; and don’t argue. Also, be as respectful as possible while you work together. The ultimate goal should always be to reach an agreement that is satisfactory to both sides.

Way up
It’s all in the negotiation to get that dream property that you want

 

3. Know Exactly What You Want.

Know the difference between your preferences and what you need to have and be very clear about the two. Also, know the different problems regarding price, settlements and repairs that are currently on the table.

4. Do Your Research.

Find out everything that you can about the real estate transaction beforehand to make sure that you end up with efficient and effective negotiations. Analyze and compare the market, as well, so that you can use that information in future discussions.

5. Know Your Leverage.

If you know the amount of leverage that you have, you can take charge of the negotiation’s tone overall. So, find out the market conditions and whether there is any cheaper comparable out there. Is the seller merely relocating or is he going through a problem, like a divorce? Has the property been for sale for long? Are there other offers for it right now? Overall, the leverage can determine how much compromise either side would be willing to make.

6. Don’t be Afraid to Say No.

You should know exactly what to give up in order to get exactly what you want before negotiating. If the negotiations fall into a level that you aren’t happy with at all, then just say no and look for something else. Stick to your threshold.

7. Write It Down.

Regardless of what the agreement is in the end, get it in writing because oral agreements are never enough – remember that.