Negotiating refers to a process where you can affect the decision of the buyer to select your property by making your property and deal appear to look like the best deal that they can ever get. Prior to the confrontation, a successful negotiation will commence.
You will need to research about the potential purchaser, where their work, school, their pet peeves, places of recreation and interests. Afterwards when you feel that the buyer is the one you were looking for, you can talk about the price of the property.
Given below are tips to have a successful negotiation:
Planning to succeed - Before negotiating with the buyers, ensure that you are ready with all the necessary information that is important for successful negotiation. Why would you sell your house if you can’t earn any profit? Find out the market value of your property and come out with a price that will leave enough profit for you.
Negotiate upfront - It is always recommended that you negotiate face to face so that you can read the body language and signs of the buyers to know whether they like your property or not. If you talk over the phone the buyer may simply decline the offer and you will not be able to explain the benefits of your property to them.
Prepare the stage - Select the best location and time to discuss the price with the buyers. You should choose that location where they are at ease and the time should be such when they are willing to settle on whether they want to buy the house or not.
Get ready - You should also prepare yourself to ask the right questions and give answers to all those questions (even unexpected ones) that are asked by the buyers. It is also wise to forget about negative emotions and problems because it can have an adverse effect on the deal and it can close the sale instantly.
Negotiation is powerful tool - Use power to negotiate. You have knowledge about the real estate market as well as the market value of your house. You even know what facilities your house can offer. You should allow the buyers be comfortable to know that you have sufficient knowledge about the property. To make the buyers understand your point effectively, you will need to have excellent communication skills. You should be trustworthy and professional but don’t be arrogant or a pushover. You should show honesty and put their interest at heart because buyers will know when you are trying to deceive them.
Negotiation means managing opinion - Negotiation is considered excellent if you can understand the requirements and wants of the buyers. This will state how the buyers think of the property that they are thinking of buying. Are the buyers looking for comfort or design? Are they stressing on the amenities and facilities or the cost? Are they stressing on the situation or the size of the property? If you know all these then you will be able to assist them with buying the property. You can discuss about the price on the basis of their decision about certain factors. It is important for you to show them that they will benefit if they purchase the property. The property will not only enhance their lives but also their finances. To make them buy the house you need to make them want it more. When you are settling on the asking price, remember to make it a little higher because the buyers will bargain. This way the buyers would feel that they got the best deal but it would be the other way round actually.
Stress on the deposit -After making the buyers want to buy the property, you need to get a non-refundable option deposit along with the signing of the option form. The sum should not be less. It should be high enough to put off the decision of the buyer regarding not purchasing the house. The amount should be also enough to remove the property from the market.
Do not reject any offer upfront - It is not wise to reject the offers upfront. The buyers may be simply examining you regarding how much price you are willing to reduce. Show patience and be aware of their moves because it is a very big decision for them.
We negotiate almost all the time in our daily lives ranging from a small deal to a huge deal. You can learn from negotiation as it is exciting. Once you know how to negotiate well then you will get whatever you want in the real estate industry as well as in other aspects of your life