Negotiations in real-estate deals is all about compromising and agreeing in order to close a transaction. The negotiator should know the needs of the client. Legal knowledge is important, since the negotiator should be able to identify the legal processes that could be done to achieve the client’s needs. Negotiators are usually real-estate lawyers, although real-estate agents can also negotiate for their clients.
To get successful negotiation results, it is important to be informed, prepared and set realistic goals. Your agent can provide you with a Comparable Market Analyses or CMA to know a realistic price range to begin your offer with—showing how local houses with similar features compare in price and size.
· Never let your emotions get ahead of you.
· Start with an offer that you know that they would not be able to refuse and not a quote that would make them angry or rolling in laughter. When presenting the offer, make sure to state how both parties would benefit from the deal.
· It is normal that the opposite party would ask questions and state their expectations, be confident when answering. Be cool and calm, even if the arguments are pushing you on your wit’s end. Present the answers in a way that would help them see that they have a way of getting out of the deal.
· You do not have to say or show how desperate you are to purchase the property. If you would like to convince the other party to give-in, don’t overreact with the offers or quotations or try bluffing with the other party. Be straightforward with your win-win solution and be prepared to counter their arguments. Look for loopholes and weaknesses which would help turn the table around.
· When starting with the negotiations, it is better to correspond with written documents. Oral commitments cannot stand or are not duly recognized as a binding agreement by some states.
In real estate negotiations, compromise is key. Sharing a common ground makes it easier for both parties to come up with win-win solutions.
Janus Real Estate Group * Heather Anderson * 972-765-3773
