Insider negotiation tips to get the deal done
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Loading... - Pedro agnus
- 03 Apr 2023
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Every agent needs strong negotiation skills to get their deals to the closing table. The definition of negotiation is bringing two or more parties together to reach an acceptable outcome for all. In previous articles of this negotiation series like, “7 steps to a successful negotiation,” and “How knowing your sellers can improve your negotiation skills,” we addressed the must-have information to successfully negotiate.
Below are 13 additional reminders to negotiate competitive contracts and get your deals to the closing table.
Always advocate for your client.
Remember your agency agreement and your fiduciary duty. 30% of the real estate exam is based on ethics. The questions on the test were all situational, testing on whose side you’d be on in negotiations or tough situations. Your job is to be a skillful advocate, so in a negotiation, take the side of your client always and keep yourself out of trouble.
Never reject an offer.
If you are the listing agent and your property receives an offer, never reject the first offer always counteroffer. Even if it seems lowball or outrageous, encourage your sellers to have a negotiation. Sometimes a buyer will come in low just to get the ball rolling. You and your sellers can always counter at the list price to show your serious about price but willing to negotiate on other items. If you can help it, never let a deal die on your watch.
Recognize that price isn’t the most important item for many clients.
A client who gets their closing and possession dates — or any other perk — may be more flexible on price than first suggested. A buyer who finds their dream home may justify paying a little over the list price to get it. A seller who gets a lease-back option may take a lower price. See previous articles in this series on buyers and sellers for more insights here. Read More…
