The ability to negotiate successfully is crucial, not only for successful
real estate transactions, but also for daily life events in general. When
negotiating, try to keep some of these ideas in mind:
- Become a good listener. Listening carefully and critically
thinking about what you are being told can prevent a considerable amount
of confusion and ensure that the negotiations run smoothly.
- Challenge the ideas that are presented to you. Negotiating requires
you to be assertive and question what you are being told. If
you disagree with someone regarding the price, value or condition, speak
your mind. Of course, be sure to do so diplomatically.
- Be prepared. If you're buying, what exactly does the property
have that could take away from its value? What is community like? What is
the average selling price in the neighborhood? If you're selling, know your
property extremely well; you cannot allow yourself to be taken aback by
what a prospective buyer might say.
- Aim high. If you're selling, try marking the price of your
home about 2 to 4% above what you would actually want. This will leave
you some negotiating space to come down. If you're a buyer, offer
a price that is about 2 to 4% lower than the asking price (of course market
conditions may affect this amount); enter negotiations with the optimistic
attitude that the seller will come down.
- Just a little patience. Relax. This could take a while.
- Be diplomatic. Because negotiations may be a long and tedious
process, it can be very easy to get irritated. Getting frustrated
with negotiations that seem to be going nowhere will only perpetuate any
difficulties you may be having, and may even result in an end to all talks.
Keep your cool.
- Be aggressive. While you don't want to be hostile, you do
want to be assertive and dominate negotiations. When meeting with
the prospective buyer or seller, be sure to try to take control of the negotiations.
Talk with a strong and confident voice, and be sure to have responses
for any potential arguments that may be thrown your way.
- Don't get nothing for something. Whenever you agree to give something,
be sure to get something in exchange. For example, if you are
the seller and you agree to lower the price, you may want to hold back on
any additional goods that you may have initially been willing to give away
(like a pair of appliances or something similar).
- Always try to give the appearance of being willing to walk away.
Even if you are in love with the property as a buyer or are dying
to sell as the owner, never reveal your desperation. If possible,
give the impression that you will be willing to walk away.
- Time is on your side. It's most likely that you and the
other party are eager and pressured to resolve the transaction. Acting
calm and under control, in addition to taking time to think rationally,
will help you in the long run. In short, just think before you speak.
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