5 TOP REAL ESTATE NEGOTIATION STRATEGIES
Posted: Sunday February 14, 2021
Negotiation is an art form. Some people are born with the ability to negotiate like a pro, while others must learn and practice their skills to keep it sharp. Either way, negotiation plays a big role in real estate dealings. Whether you’re an agent, investor, or homeowner, you need to be able and willing to negotiate to get the best deal. Negotiation isn’t for the faint of heart, so here are several strategies to help you become a better negotiator in the real estate industry.
1. LET THEM THINK THEY’RE SAYING YES ON THEIR TERMS
No one likes to be coerced or pushed into something, so a good negotiation tactic is to make the other party think they’re saying yes on their terms. The easiest way to do this is to give them an easy out. Use affirming language like, “You’ll probably refuse, but…” to increase the compliance of the other side.
2. TAKE A WIN/WIN APPROACH
Real estate transactions don’t have to be adversarial. Many people make the mistake of approaching these transactions like they’re going into battle. This rarely accomplishes anything positive and only serves to tick off the other party.
Instead, approach everything from a win/win perspective where you focus on solutions instead of problems.
3. LEARN HOW TO PERSUADE
Persuasion, like negotiation, isn’t always an innate skill. Sometimes, you need to learn and practice it to make it work for you. Here are the 6 rudiments of persuasion.
- Reciprocity – people are more likely to give when they receive something
- Scarcity – if something is scarce, it pushes people to panic and act quickly
- Authority – people are more inclined to act when suggestions come from a perceived authoritative figure.
- Consistency – people are more comfortable in consistent situations
- Liking – people respond positively to others they perceive to be like themselves.
- Consensus – photos that are pinned repeatedly on Pinterest will help a home sell faster. Further, others will gravitate to and want to work with someone with a good reputation.
4. DO YOUR HOMEWORK
In real estate, location is key. In negotiations, data is key. When negotiating with others, you need to know more than they do. It pays to gather as much data as possible and use it to your advantage to get the best deal possible.
5. NEGOTIATE OVER THE PHONE FIRST
In the beginning stages of negotiation, there’s a lot of back and forth, with many counter-offers coming in. it’s a good idea to jot down the main aspects of the deal while you discuss them over the phone, but don’t commit anything to an actual document right away because too many papers with varying price points can become chaotic and hard to keep track of.
This blog is sponsored by Property Spark.
5 WAYS TO BECOME RESPONSIBLE HOMEOWNERS
HOW TO AFFORD TO BUY YOUR FIRST HOME
WHAT YOU SHOULD THINK ABOUT WHEN RENTING AN APARTMENT
4 TIPS FOR SELECTING THE RIGHT PAINT COLOR FOR ANY ROOM
TIPS TO PLAN AND DESIGN YOUR SCREEN PORCH
5 HOME IMPROVEMENTS WITH THE BIGGEST RETURN ON INVESTMENT
5 THINGS TO DO THIS YEAR IF YOUR GOAL IS TO BUY A HOME
HOW TO CREATE A CHILD-FRIENDLY KITCHEN
3 MISTAKES TO AVOID WHEN HIRING A HOUSE PAINTER
CLEVER CLOSET SOLUTIONS FOR RENTERS
7 ORGANIZATION FOR A BETTER HOME OFFICE EXPERIENCE
EMPTY NESTER? WHY IT MAKES MORE SENSE TO MOVE RATHER THAN RENOVATE
EVERYTHING YOU NEED TO KNOW ABOUT FLOOD INSURANCE AND WHETHER YOU NEED IT OR NOT
CREATE YOUR HOME(WORK) STATION
DECORATING IDEAS FOR APARTMENT LIVING ROOMS
5 BASIC THINGS EVERY REAL ESTATE INVESTOR SHOULD KNOW
HOW TO PREPARE FOR RENTING YOUR FIRST APARTMENT
THE AVERAGE COST OF ADDING A KITCHENETTE
REDECORATING YOUR KITCHEN? HERE ARE A FEW IDEAS
KEEP YOUR PLACE IN PERFECT SHAPE WHILE YOU’RE AWAY
3 TIPS FOR MAKING YOUR HOME APPEAR PET-FREE WHEN TRYING TO SELL IT
HOW TO INCREASE YOUR HOME’S VALUE WITH WATERPROOFING
6 IDEAS FOR ORGANIZING YOUR CLOSET
TOP 6 FEATURES OF A PROFITABLE RENTAL PROPERTY
5 BASIC IDEAS OF MODERN HOME DECOR
HOW LONG YOU SHOULD LIVE IN YOUR HOME BEFORE SELLING IT?
4 TIPS ON HOW YOU CAN SELL YOUR HOME FAST
7 STUNNING WAYS TO DECORATE YOUR LIVING ROOM
4 THINGS TO AVOID WHEN SELLING YOUR HOME
6 TIPS FOR BUYING YOUR FIRST RENTAL PROPERTY
RENT OR BUY A HOME? THE BEST OPTION FOR YOU
7 HELPFUL USES FOR LAUNDRY DETERGENT
6 ROOM DECORATION IDEAS FOR YOUR HOME
5 BATHROOM PAINT COLOR TRENDS
HOW TO GET THE MOST FOR YOUR MONEY IN A SELLER’S MARKET
HOW TO KEEP CLEAN AND SAFE RENTAL PROPERTIES
7 INTERIOR TRENDING DECOR IDEAS
5 TOP REAL ESTATE NEGOTIATION STRATEGIES
BUYING A BATHTUB? HERE’S EVERYTHING YOU NEED TO KNOW
Avoiding Moisture Problems in the Home
Create More Space in your Kitchen
Balancing the Emotional and Practical Sides of Buying a Home
4 REASONS TO GET INTO REAL ESTATE AND STAY IN IT
HOW TO GET BUILT-IN SHELVES ON A BUDGET
How to Quickly Improve Indoor Air Quality
Conversation with Jenna McKay
Estimating Your Selling Costs
Healthy Lighting for Your Home
Real Estate Chat with Kyle Kerr
Morning Chat with Melissa McCullough
Regina and area March 2020 Market Update
WHAT TO REPAIR BEFORE YOU LIST
First Time Home Buyer Tax Credit
Making “Neighbourhood Targeting” Work for You
January 2019 Market Update
Should You Move or Renovate?
Light Your Way to a Faster Sale
4 Ways to Make the Home Hunting Process Easier
Tips for Selling Your Home In a Slower Market
3031 Fuller Place, East Regina
7 Emerald Vista, White City Sk
Home Tour: 2169 McTavish Street, Regina SK
8 Mistakes to Avoid When Buying a Home
Tips for Showing your Home