During a real estate negotiation, the savvy REALTOR must do some level of “Discovery” to learn as much as possible about what motivates the party on the other side of the table.
The techniques for “positioning” a client are many and varied.
It is true that the best defense is a great offense . . .
That timing is always a factor . . .
A dash of bluffing – bridling emotions – and holding cards close.
Some agents come in “on the attack” early in the game by attempting a “Full scale RUSH” BEFORE tendering the first offer.
I know this tactic sometimes works . . . and often causes the quarterback to need to scramble . . . and have patience:
Here’s an example:
Do you have other offers?
- Yes
How many?
- 3
What are they?
- Can’t tell you
I think it’s overpriced.
- Sorry!
Will you send me the comps you used to come up with THAT price?
- I could send you comps that justify 25% MORE or 25% LESS – Which ones do you want?
Why is your Seller moving?
- Because they want to live in a different house
My client LOVES the location, but that wall-paper is quite a turn-off.
- There are professionals who can solve that problem
How much will your Seller take?
- Make us an offer and let’s all find that out together.
Would your Seller be offended by a low offer?
- Nah! They’ll respond to anything you bring.
Have you had any other offers?
- Yep (or Nope)
Why didn’t they work out?
- Because the Buyers and Sellers couldn’t agree on everything
Is there crime in that neighborhood?
- Don’t know – Call the Police, they’ll know
What are the neighbors like?
- Regular people – They seem friendly enough
What are the utility bills?
- Average
Can you hold off on looking at any other offers until Uncle Joe can come look next week?
- Um – No – If other offers show up, I’ll have to present them to the Seller – You could bring us an offer contingent upon Uncle Joe seeing and approving of the house.
Gathering information before writing an offer on a house is an important step that can save some time ironing out some of the details.
This discovery process can also be exasperating for a Listing agent especially when faced with a barrage of questions from a Buyer and/or Buyer’s agents.
Many of the above questions are probing for “Privileged Information” which the REALTOR is ethically bound to hold in confidence . . .
Others of these questions are the responsibility of the Buyer (and/or Agent) to discover for themselves during a defined “due diligence” period following the execution of a Binding agreement.
and . . . some of these questions dance on the edge of the Fair Housing boundaries.
Sure!
ask as many questions as you’d like . . . I’ll answer any of them that I can ethically answer without compromising my fiduciary duty to my client and the laws protecting the confidentiality of other legal transactions.
Please don’t be offended if I deflect the question by offering a short, seemingly meaningless response.
My job is to unflappably keep my cool as I negotiate on my client’s behalf.
Every day, I study and practice negotiating techniques.
THIS is one of MANY things I (and most real estate sales professionals) do to serve our clients.
Keep sharpening that saw!
Best,
b
Contemplating a move in Middle Tennessee any time in the coming months?
I am poised and ready to serve and negotiate on your behalf
;)
;)
;)
3 Comments on Will your Seller take $350,000?
Joe: This is some good Info for all in the business,keep up the good job, and good luck with your business, E
Some good information, Thanks for sharing
Have A Great Day
These series of questions made be made if the market was 90% owned by Mr. & Mrs. Smith, however here in Florida under 300k are 90% are short-sales and REO. So this line questioning is N/A. Further more it comes down to price more than anything.