If you are about to close the deal on the largest asset you’ll buy. You need to be on top of your negotiation game. Making the offer is merely the beginning of a negotiation. It’s no secret that one of the best ways to “make” money is through negotiation. I’ve compiled a list of tips to help if you are thinking about putting an offer on a property. Following these five real estate negotiation tips almost guarantees you’ll make the best deal!
Real Estate Negotiation Tip #1: Hire A Professional Real Estate Agent
First things first, do some research and hire a professional real estate agent. Your Realtor should be someone you trust to represent your best interest. You’ll gain expert advice from someone who has great knowledge and who is experienced in the field. Always ask your Realtor for help and take advantage of what they know that you may not. Also, try not to directly speak to the seller if you feel like you may lack the correct information or terminology or the local know how to when it comes to buying property.
Real Estate Negotiation Tip #2: Time is Key
There are multiple aspects to discuss here. When it comes to real estate negotiation, time is the #1 key component. According to research, the first five minutes of a negotiation will predict the outcome. You’ll need to be patient. Often times, the seller will try to close the deal as soon as they can. You’ll want to do the opposite. Try, within reason, to elongate the process. Take your time when negotiating. Keep your offers going and try to counter-offer the seller. However, do realize that this can be tricky. So you need to learn just how much to stretch out the process, otherwise, you may miss your window because you were trying to have the last concession.
When it comes to manipulating time, you also may benefit from creating a sense of urgency. Use time as a tool to pressure the seller into accepting your offer. Additionally, even if your offer is slightly less than another buyer, you could use time as an advantage by offering to complete your payment within a shorter time period. After all, to the seller, “A dollar today is better than a dollar tomorrow.”