Real Estate

5 steps to become a real estate negotiation professional!

Today, in many areas of this country, there are more licensed real estate agents than there are homes currently listed and available on the local market. Also, there are some who believe (falsely in my opinion) that they don’t need to hire an agent and proceed to try and do it themselves! For many reasons, it makes little to no sense to do this, mainly because: studies/surveys indicate that homes sold by real estate professionals generally sell for much more; the degree of expertise, to be prepared, before contingencies; avoiding the hassle of showing your home regularly; transaction advice; and, perhaps most importantly, often trading professionally and knowing/understanding the market! After more than 15 years as a licensed real estate salesperson in New York State, I firmly believe that smart agents should use at least these 5 steps to be a quality and effective real estate negotiator.

1. Know/understand/consider your client’s goals/perceptions/priorities: Proper marketing and selling someone’s home, for the best combination of terms, requires, focus and emphasis, taking the time and making a concerted effort to learn and understand your client’s goals, perceptions and priorities! Listening effectively and paying close attention increases the chance of proceeding, with the highest degree of genuine empathy and understanding! How can you properly represent someone, unless you start, with this knowledge?

two. Understand the needs of the other side: If you are representing a buyer, you need to understand what the seller is looking for. When you represent a home owner/seller, you must look at your home, just like a potential buyer would, and commit to telling your client what they need to know. When you make an offer and/or receive one, it’s important to acknowledge and negotiate, get started!

3. Find common ground: The best negotiating approach is usually not adversarial, but rather proceeding, with a win-win strategy! Quality negotiations must be based on finding common ground and achieving a meeting of minds!

Four. Address pricing and other key issues: Price is often the deciding issue in getting a deal, but it’s important to discuss these as they relate to other terms, financial, emotional, time-related, potential stress, and/or risk/reward considerations.

5. Close the deal: It’s not a professional performance, unless/until an agent strikes a deal that both parties are satisfied with. Valuable representation should end, effectively closing the deal!

Will you commit to following these 5 steps to be a better real estate broker? Are you committed and willing to be better?

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