During the years of the hot seller's market, negotiation skills weren't quite as important as they are now. All you had to do was put the house on the market with a reasonable price and let the bidding begin. Now things have changed. Today, we're seeing a market where buyers have their share of homes to choose from. So the negotiation game among sellers and buyers has reached a new level of importance. One of the best ways to serve your clients is to sharpen your negotiation skills.
Here are a few tips to help you negotiate in a buyer's market.
1. Keep a positive attitude - Consider how comfortable you'd be with an agent who's sending out vibes that things deal might not work. Focus on solutions and persist without exception. There is a solution to every problem.
2. Handle all offers with care. Never flat out reject an offer. You will get offers that you simply will not accept but be careful and tactful with how you respond to those offers. You've done your homework to arrive at the asking price, try explaining that to those who make offers instead of a flat rejection.
3. Don't lower your commissions. This is a key point, many agents automatically put their commissions on the line. If you lower your commission to get a seller's business, what does that really say to the seller? It says that you are easily willing to come down on price, is that really what a seller wants? Instead, consider demonstrating the value of past transactions and show that you delivered a better price for the homes you've sold. You may be asking for a higher commission, but the price you get for the seller more than makes up for it. You have to prove your value to get the full commission you deserve as a professional.
4. Be informed. I can tell you who usually wins in a negotiation, the one who has the most information and uses it wisely. It is imperative in any negotiation. Information leads to the right price for a property, it puts details in perspective, it lessens tensions and it keeps emotions in check. It also helps to know a buyer's motivations. Use a sense of urgency with all offers. Do not become an agent that leaves an offer on the table for a week before responding. It's not professional and it is not in the best interest of your client.
To be a good negotiator requires focus and skill. When done right, everyone feels like they are walking away a winner!
All The Best,
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