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Seven Negotiation Tips For Real Estates Agents

Seven Negotiation Tips For Real Estates Agents

  • Category: NEWS
  • Date 21-04-2020

Buying a property is one of the biggest real estate transactions anyone could ever undertake. This is why every real estate agent should have negotiation skills for real estate purchases.


However, this skill doesnt come naturally to every agents. Negotiation in real estate needs to be learned, practiced and perfected over time.


Here are 7 real estate negotiation tips for real estate agents


1.

Set Your Budget ; Setting a budget from the onset will allow you to negotiate more effectively since the property seller will understand what exactly you can afford. Besides the purchasing price, your budget should also include other costs such as renovations, structural and environmental assessments, legal fees, taxes, realty commissions and contingencies

2.

Know What You Want: Successful real estate negotiation begins by knowing what you are looking for exactly. For example are you looking for single-family homes or multi-family home, should the investment property should be in busy city or an up coming neighborhood

3.

Investigate the Real Estate Market: check the sales history for similar properties in the neighborhood over the last six months. Besides the asking price, you should also consider the purchase price of local real estate properties. The asking price is what sellers are looking for, while the purchase price is what the properties are actually sold for. Youll get a good idea of what is going on in the market and whether the properties fit your budget.

4.

Avoid Getting Emotional: A good real estate agents should refrain from getting emotional during the real estate negotiation

5.

Make Your Offers Face-to-Face: While making an offer on a house via email or a phone call could work, it is better to meet the property seller in person. A face-to-face real estate negotiation will give you a chance to gauge the agent . You will see how they react to your offer (body language and facial reaction) and get an idea of how interested they are. If you cannot meet physically with the seller, consider a video conference.

6.

Make a Cash Offer: Most property sellers want to be sure that an offer will actually go through. One of the best ways of showing sellers you are serious is by showing that you can buy the property with cash. It also eliminates the chances that the deal will fail due to lack of financing.

7.

Consider a Third Party: if you lack real estate negotiation skills or are likely to get emotional, consider asking a friend or family member to help you. Give them all the information they require and avoid interrupting them during the negotiation process.

Having strong real estate negotiation tactics will enhance the chances of getting a good deal when buying an investment property.

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