Table of Contents
- Do Your Research
- Add Value
- Seek Solutions, Not Wars
- Know What Other Parties Want
- Find the Limits Early
- Understand How Emotions Rule Real Estate
Mastering negotiation tactics for real estate agents is a crucial skill. Whether you are a real estate broker, agent, developer or another real estate professional, your goal is to make sure properties find their target client or market. In many cases, getting a fair price and terms involves negotiating.
Negotiation Tips for Real Estate Agents
When negotiating, you must do the following six things.
1. Do Your Research
To be able to negotiate, you must come prepared with information about a property. This includes details about its amenities, its size and the current market value and current prices in the area. The more you know, the more you can counter-argue in a negotiation.
2. Add Value
How do you choose between two restaurants that offer the same quality food at the same prices? In many cases, it comes down to the value restaurants offer. For example, one may provide excellent customer service, free parking, convenience or another perk over the other option.
Think of your own negotiations the same way. What can you bring to the table to offer more value for the other party? Look for items that do not cost a lot or take much time but still add value.
3. Seek Solutions, Not Wars
Make your offer a win-win solution that offers something for everyone rather than adopting a “winner takes all stance.” Other parties involved will be far more willing to be reasonable when you are, too.
4. Know What Other Parties Want
Do your research to find out what the other parties in your negotiation are looking for. What are the musts, and what are the “nice-to-haves?” What is driving the other party? As in any relationship, get to know the others in your deal, so you understand what you need to present to get a “yes.”
5. Find the Limits Early
Consider making a deliberately low-ball offer to see what someone’s hard limits are. Often, someone who is offended will counter with numbers showing what their boundaries are. Listen for sentences such as “I can’t accept less than…” or “I would never go above…”
6. Understand How Emotions Rule Real Estate
One of the best deal-closing tips for real estate agents is to understand clients and buyers are not looking for real estate. In most cases, they are seeking a home or an image of themselves. Emotions and first impressions count for at least as much as numbers and facts. In most cases, they count for more.
Think about your listings and negations in terms of the dream they sell. When you present a luxury experience and listings with images that allow clients to picture themselves living a certain life, your negations will flow more smoothly.
Before you need negotiation strategies for real estate agents, you need real estate listings designed to bring prospects to the table. Real Estate Exposures can help you create beautiful listings with professional photographs that sell your properties faster and for more money. Contact Real Estate Exposures online or call us at 717-747-3235 to learn more about what we can do for you.