How to win a real estate negotiation. It is crucial when negotiating to understand the concept of win-win. This means that both parties come away from the negotiating table with the feeling that they have achieved something. If a deal is struck, the buyer gets to buy the property, which is an obvious win for them. Ideally, the purchaser feels like they paid a fair price and the seller feels like they achieved a fair price. But this is not always possible, particularly if the vendor’s expectations are too high or if the market has dropped since they purchased the property.
There are so many ways to deliver an offer and buyers often forget life’s little niceties in this situation. How often have we met sellers who have been put offside by the manner in which the buyer has wielded their market power? And then they dig their heels in and refuse to negotiate further with that particular buyer. Or they drop their asking price to a more realistic level and find another buyer, who they favour over the first one, sometimes even at a lesser price. Just remember that you are dealing with people who have feelings and probably take the sale of their home very personally. So by knowing how to win a real estate negotiation even if they have to take a dive on the eventual sale price, their half of the win-win equation will be knowing they got the best price that market was likely to offer, that their agent worked hard for them and that they can now move on with their lives.
DISCLAIMER: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.