In the world of real estate, negotiation is a huge (and I mean huge) part of the job. It’s the skill that can make or break a deal and something your client is expecting you to handle like a pro. Whether you are representing buyers or sellers, knowing the ins and outs of real estate negotiation is a must for a successful outcome for not only your client but everyone involved. If you’re just starting out, I know the negotiation process can feel really f*cking scary, so I’m sharing a few of my strategies below. We’re keeping it basic, but it’s the best place to start. Let’s get into it…
Know Your Market
Before entering into any negotiation, it’s a must to have a solid understanding of the local real estate market. This includes knowing recent sales data, current inventory levels, and trends in buyer demand. Being fully prepared on the need-to-knows about the market will allow you to not only advise your client but negotiate effectively on their behalf.
Understand Your Client’s Goals
Every client has different priorities and objectives when it comes to buying or selling a property. Take the time to genuinely listen to your client and understand their needs, preferences, and financial constraints. Your clients want to know they can trust you and that you have their best interest when it comes to buying or selling a property. By aligning your negotiation strategy with your client’s goals, you can work together to achieve the best possible outcome.
Be Fully Prepared to Compromise
Negotiation is allllll about give and take. Rarely will you be able to secure a deal on your client’s exact terms without any concessions. I mean, we can dream. Being flexible and open to compromise is a must during the negotiation process- if you aren’t, your clients won’t be. That being said, it’s always important to look for opportunities for common ground so it’s a win-win for everyone.
Communicate is Key… So Do it Effectively
You can’t have a successful negotiation without clear and open communication. It’s crucial to be totally transparent with all parties and make sure to keep them informed throughout the entire process. There’s nothing that pisses clients off more than feeling like they are being left in the dark. Keep an open dialogue through all parties to keep everything rolling.
Stay Calm if Sh*t Hits the Fan
Negotiations can be very high-stakes and can get emotional very quickly. It’s your job as an agent to stay calm and composed, even when you’re about to freak TF out. Avoid the drama and instead focus on finding solutions that benefit everyone. Keeping a level head will ultimately be better for not only your clients but everyone involved.
Know When to Say Buh-Bye
Sometimes, despite your best efforts, not every deal is meant to be. In these situations, it’s a must to know when to bow out and move on to other opportunities. While it can be tempting to try to salvage a deal at any cost, it’s important to recognize when it’s no longer in your client’s best interest to continue negotiating. They’re looking to you, so make sure to know when it’s time to draw the line.
xx, Farrah
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