Realtor.com®’s November housing data release reveals that the number of homes for sale continues to be limiting both buyers and sellers.This past month, the rate of decline in inventory
8 Inside Secrets I use To Negotiate Real Estate.
Dated: October 20 2021
Want to know the "Inside Secrets" I use to negotiate and win for my clients? Also grab a free copy of my book "Inside Secrets" (What I wish my agent told me about real estate) below. Here are my top 8 tactics:
1. See negotiation as a natural thing.
Some people think negotiating is negative, akin to arguing, but negotiating is a natural thing we all do. When a child wants an ice cream, or a teenager wants the car keys, a negotiation often occurs.
2. Realize negotiation is not always about the money.
People often think negotiating boils down to simply getting more money. But the people you’re negotiating with are sometimes less concerned about the price than they are with other considerations, such as the timing. Ask the other side, “Please tell us what’s important to you.”
3. Listen to understand.
Negotiators often just listen to the other side so they can come up with a good rebuttal. This stems from the erroneous idea that the goal of negotiating is, “we’re going to win and they’re going to lose.” Instead, actively listen to understand your counterpart’s point of view and to find ways you can gain consensus on a common concern. When the other side feels you also care about their outcome, you’re more likely to get a deal that works for you too.
4. Collaborate, don’t compete.
This is an extension of the “listen to understand” idea. Instead of competing with the other side to see who’s the best negotiator, think of yourself as collaborating with them to get both sides on the same page. You’re working together to get a deal that’s good for both sides—a “win-win” situation, if you will.
5. Wait out awkward pauses. When you ask a difficult question or try to gather information the other side is reluctant to share, let them feel awkward for a moment. Just sit and listen. It’s amazing how much someone will tell you because they feel uncomfortable.
6. Be aware of all the issues.
Conversations outside the negotiating process may have occurred between buyers and sellers. Be sure you are aware of all issues that were discussed.
7. Make sure the deal is understood by all parties.
Check all the facts and conditions of the deal to make sure you understand them, then communicate them clearly to the parties on your side of the deal.
8. Practice. Practice negotiating by using role-playing sessions with another agent. You’ll both know a range of situations you can encounter, and as you practice, you get more comfortable with saying the right things at the right time.
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