Being able to close a deal in real estate negotiations is the most important aspect of the sales process. The art of negotiating in real estate is one that requires more than just creativity but also mastering the art of negotiation strategy. Getting through to the ideal potential buyer is just a step in the right direction when it comes to closing a deal.
Let’s face facts, if you do not understand the rudiments of real estate negotiation, you fail woefully. However, if you dig deep into the core you will have a better chance at becoming a real estate pro. In the real estate business, you will have to develop a tough skin and learn to put emotions aside.
As a property seller in the real estate marketplace, there are certain skills you develop. Home-seller and real estate should also grasp the psychology of real estate negotiation. In some cases, you need to think of yourself as the buyer and not the seller. This will help you examine how you will react in certain situations and what will be acceptable or not.
Rising to the level of being a great negotiator requires a whole lot of preparation. No two negotiations have the same process. This is because different clients react differently and although the endpoint is to close the deal, the process differs. This article provides helpful tips to become a top class in the game of real estate negotiations.
Contents
Define your role
In real estate transaction, before heading right into the negotiation process, it is essential you know where you stand in all. Having a perspective as a seller in the negotiation process is important. What do you stand to lose? What are the odds? What are you leveraging? The correct answers to these questions help you figure out what your role will be.
Inasmuch as being a seller means you want to sell at the highest price and best price. However, you also need to land yourself the best deal and a good relationship with your client.
Ethics
In the world of real estate negotiation and important factor to look out for when negotiating. As we all know, ethics are moral principles that govern behaviours in general. It also defines what is good for individuals and society at large. These are set principles, our sense of right and wrong are guided by ethics. It is very possible to follow the laws and still be unethical.
Understanding that ethics and negotiation go hand in glove is quite important. First, you need to know what your own ethical standards. After this, tactically find out what your client’s ethical standards are as well. This will illuminate the negotiation process and help you know where you both stand.
Always listen
The importance of paying rapt attention when negotiating cannot be overemphasized. Professional real estate sellers make it a point of duty to ensure their buyers are not left unheard. Once a buyer begins to feel like their opinions are falling on deaf ears, it spurs a lot of tension, uncertainty and frustrations.
This is why it is advisable to always listen when negotiating. Don’t be too quick to speak, take time out to listen to your client, their wants, desires and expectations. Never state your stands forcefully, create a platform for a good client relationship which consists of effective communication.
Understand the rudiments of persuasion
As mentioned earlier, just as people differ, view, opinions and perceptions differ as well. This is what brings us to the place of persuasion. In persuading people, the aim is not to take their views and beliefs away. However, it is set to shift their thought line in such a way that they see things in a different light.
The aim is the same as the aim of negotiating-finding a common ground. In traditional negotiation, the aim of the real estate agent was just to win. However, in recent times, things have been switched up a little. The aim is now to find a good solution and a point where both the buyer and the seller are satisfied with the transaction.
Have a positive and confident attitude
Like they say “attitude is everything”. During and after the negotiation, keep your attitude speaking grace. Always have a positive and confident attitude on. Lighten up the atmosphere with your positive attitude. In every real estate transaction, let your client feel comfortable around you and know that they can trust you regardless.
Draw out a good plan
Having a plan before the negotiation means preparing for the negotiation in advance. It’s like taking full control of the negotiation before it even starts. Just as the saying goes “If you fail to plan, you are planning to fail”. Planning your negotiation strategy is as important as negotiation process itself.
Every business negotiation starts with the planning process. Preparation they say is the mother of success. Even before deciding on what tactics to use when negotiating, it is essential to have a good plan that contains the full package.
Leverage information
Leverage means holding a perceived advantage. In the real estate industry, learning the game of leverage is key. Leverage is a powerful tool which can help you close even the biggest deal you can imagine. Starting your negotiation process from the point of leverage, it gives you an edge all the way through.
Information is power. Thanks to the internet, information is now very accessible. The face of negotiation has been changed by technology. In the digital age, leverage on information is important. Understand the property or home you are selling, know the selling points of what you are marketing at all times.
Here are the 7 key tips for sellers in real estate negotiation. Kindly share your thoughts with other PropertyPro.ng readers.
