At the present time, in many areas of this country, there are more, licensed, real estate agents, than, houses, currently, listed and available, on the local market. In addition, there are some, who believe (in my opinion, falsely), they don’t need to hire an agent, and proceed, to try, to do it, themselves! For many reasons, it makes little, to no sense, to do this, primarily, because: studies/ surveys, indicate houses sold by real estate professionals, generally, sell, for considerably, more; the degree of expertise, to be prepared, for contingencies; avoiding the hassle, of showing your home, regularly; transaction advice; and, perhaps, most importantly, often, professional negotiating, and knowing/ understanding the market! After over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I strongly, believe, smart agents, use, at least, these 5 steps, to being a quality, effective, real estate negotiator.
1. Know/ understand/ consider your client’s goals/ perceptions/ priorities: Properly marketing, and getting someone’s house sold, for the best combination of terms, requires, focusing, and emphasizing, taking the time, and making a concerted effort, to know, and understand, your client’s goals, perceptions, and priorities! Effective listening, and paying keen attention, enhances the possibility of proceeding, with, the highest degree of genuine empathy, and understanding! How can you properly represent someone, unless you begin, with this knowledge?
2. Understand other side’s needs: If, you are representing a buyer, you must understand what the seller, is seeking. When, you represent, a homeowner/ seller, you must look at his house, as a potential buyer might, and commit to telling your client, what he, needs to know! When, you make an offer, and/ or, receive one, it’s important, to recognize, and realize, the negotiations, begin!
3. Seek common ground: The best negotiating approach, is normally, not, adversarial, but, rather, proceeding, with a win – win, strategy! Quality negotiations must be based on, seeking common ground, and bringing about, a meeting – of – the – minds!
4. Address pricing, and other key issues: Pricing is, often, the deciding issue, in getting agreement, but, it’s important, to discuss these, as they relate to other terms, financial, emotional, time – related, potential stress, and/ or, risk/ reward considerations!
5. Close the deal: It’s not a professional performance, unless/ until, an agent, brings – about a deal, both sides, are satisfied with! Valuable representation must end – up, effectively, closing the deal!
Will you commit to using these 5 steps, in order to being a better, real estate negotiating professional? Are you committed, and willing, to be better?