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The ability to negotiate successfully is crucial not only for
successful real estate transactions, but also for daily life
events in general. When negotiating, keep these rules in mind:
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Challenge the ideas that are presented to you. Negotiating
requires you to be assertive and question what you are being
told. If you disagree with someone regarding the price,
value or condition, speak your mind. Of course, be sure to
do so diplomatically.
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Become a good listener. Listening carefully and critically
thinking about what you are being told can prevent a
considerable amount of confusion and ensure that the
negotiations run smoothly.
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Be prepared. If you're buying, what exactly does the
property have that could take away from its value? What is
community like? What is the average selling price in the
neighborhood? If you're selling, know your property
extremely well; you cannot allow yourself to be taken aback
by what a prospective buyer might say.
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Aim high. If you're selling, try marking the price of your
home about 5% above what you would actually want. This will
leave you some negotiating space to come down. If you're a
buyer, offer a price that is lower than what you normally
would; enter negotiations with the optimistic attitude that
the seller will come down.
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Just a little patience. Relax. This could take a while.
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Be diplomatic. Because negotiations may be a long and
tedious process, it can be very easy to get irritated.
Getting frustrated with negotiations that seem to be going
nowhere will only perpetuate any difficulties you may be
having, and may even result in an end to all talks. Keep
your cool.
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Be aggressive. While you don't want to be hostile, you do
want to be assertive and dominate negotiations. When meeting
with the prospective buyer or seller, be sure to try to take
control of the negotiations. Talk with a strong and
confident voice, and be sure to have responses for any
potential arguments that may be thrown your way.
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Don't get nothing for something. Whenever you agree to give
something, be sure to get something in exchange. For
example, if you are the seller and you agree to lower the
price, you may want to hold back on any additional goods
that you may have initially been willing to give away (like
furniture).
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Always give the appearance of being willing to walk away.
Even if you are in love with the property as a buyer or are
dying to sell as the owner, never reveal your desperation.
Always give the impression that you will be willing to walk
away.
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Time is on your side. It's most likely that you and the
other party are eager and pressured to resolve the
transaction. Acting calm and under control, in addition to
taking time to think rationally, will help you in the long
run. In short, just think before you speak.
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