Real Estate Negotiation Tips - Dimitri Patterson

Real Estate Negotiation Tips

Presentation byDimitri Patterson

No buyer wants to miss out on a property they have set their heart on (or a seller a sale) because negotiations have broken

down in the heat of the moment…

Source: http://visual.ly/7-tips-successful-negotiation

http://visual.ly/7-tips-successful-negotiation

Negotiating know-how is crucial if you want to buy or sell



Here are 7 Tips For Successful Negotiation



#1 Coping With Emotion

❖ You are in a stronger position if you keep your feelings under control or at least hidden from the other party in the negotiation.



#1 - Coping With Emotion

Even if you are desperate to buy or sell the property, it is better to play a waiting game and not go higher (or lower!) just because the other party is taking too long to get back to you. If you are a buyer, this technique works very well when there aren’t many buyers.



#2 - Length of Time on the Market

❖ If you are the buyer, find out how long the property has been on the market as this may influence your bargaining power.




If the property is a new listing, some owners are so flushed with success at the thought of having a buyer already that they try to hold out for the asking price or a much higher price.




Be aware that you are more likely to miss out on a property if you are making an offer early in the marketing program.



#3 - Good Cop, Bad Cop

❖ Those who have watched crime shows will instantly understand this buying strategy. If you are a couple, one person seems very keen and the other person shows little interest.



#3 - Good Cop, Bad Cop

This can work for sellers and buyers. In this situation, showing some emotion is OK as each of you is displaying a different emotion.



#4 - Don’t Go Up as Fast as the Seller is Coming Down (or Vice Versa)

❖ When negotiating, there will usually be a “money gap” between what the seller wants to receive and what the buyer wants to pay.



#4 - Don’t Go Up as Fast as the Seller is Coming Down (or Vice Versa)

When making offers and receiving counter-offers, try moving up (or down) in smaller increments than the other party.



#5 - Call Them Back

❖ This is particularly relevant to buyers. It’s a good strategy to fall back on when an agent calls you and you haven’t composed your thoughts and may not say things the best way.



#5 - Call Them Back

If you say that you are in a meeting or the supermarket and ask the agent if you can call them back, you will have a chance to get your responses ready, perhaps even make notes.



#6 - Have Other Options in Mind

❖ Once again this tip is particularly relevant for buyers. When you begin negotiating on a property, make sure you don’t feel emotionally that it’s an all or nothing scenario.



#6 - Have Other Options in Mind

As a buyer, if you have identified several other homes you’d be happy with — even if they are not quite as good — you won’t feel as if everything rests of this negotiation. It also helps if you can say this to the agent.



#7 - Drop Any Feeling of Win/Lose

❖ Never lose sight of the fact that your goal is to buy (or sell) a home not beat the other party.




Losing a house you like and can afford or a sale at the right price over the last few thousand just because you’ve turned against the other party because they wouldn’t cooperate with your plans doesn’t make sense.




What’s more it could actually cost you money in the long run if the market is going up (buyers) or down (sellers) or if your timeline is out of whack as a result.



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Real Estate Negotiation Tips - Dimitri Patterson

Real Estate

Transcript of Real Estate Negotiation Tips - Dimitri Patterson