This week, the negotiation of repairs on a property, brought to light the importance of good communication skills.  While every real estate negotiation is different, the basic components are the same.   One party is asking the other party for something of perceived value. I explain to my clients going into the negotiation that it is important to view the negotiation from the other side's vantage point.  Perception is the reality. Each of us has our own unique perception based on economics and past experiences.  In order to influence the other side, we need to understand their point of view.   Once that viewpoint is understood, it is possible to think outside the box and come up with possible solutions that are acceptable to both sides.  Using this approach was a key factor in the successful negotiation of repairs.


 
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13 Comments on Negotiating Repairs

SEP
01
2008
101,262 Points 6 Featured Posts

A toast to your success!  I agree, in our business we really need to listen and ask questions to find solutions to reach a positive conclusion. 
1:03am • #1
5 Featured Posts Attended Rain Camp

Cheers!!

It is amazing how simple it is to describe and how much work it is to achieve.  Congratulations!
1:13am • #2

In the old days, they never asked for many repairs as to lose the deal, now adays buyers think its a fix it all list
1:39am • #3
970,022 Points 102 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

The C word comes to the rescue once more. That is what new agents usually learn the hard way...
2:13am • #4

Life is about negotiating.  If we could take the time to consider the other side's perception we would all be more successful in negotiating.  Thanks for the post.
6:22am • #5
276,752 Points 11 Featured Posts Outside Blog Attended Rain Camp

I am surprised at the number of sellers who will not budge an inch on repairs....
9:40am • #6
471,429 Points 11 Featured Posts Attended Rain Camp Called Shot Master

It seems that there are more Sellers today that are not willing to budge on repairs.  Perhaps that is because Buyers have unrealistic expectations about what Sellers should do.
10:08am • #7
SEP
02
2008
864,290 Points 20 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

One item that comes up often as a "repair request" is in fact a "maintenance / service" of the A/C units.  We remind the Buyers Agent that they are free to conduct inspection(s) of the unit(s) - and to request specific repairs - but the Seller isn't interested in paying for the Buyer's inspections!
10:41am • #8
1 Featured Post Localism Sponsor Outside Blog

Great post-  And I think the best way to mitigate the request for repairs list, is for the seller to do a pre-inspection prior to listing the property.  Then, fix everything reasonable so that when the buyer does their inspection, there should be minimal repairs to negotiate.

 
7:48pm • #9
471,429 Points 11 Featured Posts Attended Rain Camp Called Shot Master

Paul, you are so right.  Head them off at the pass by pre-inspecting a property prior to listing!  The only hitch is persuading sellers to spend the money on the pre-inspection and the repairs.
10:13pm • #10
SEP
06
2008
205,223 Points 1 Featured Post

Sharon, great post.
It is very difficult to negotiate with sellers sometimes, but I find it's a lot more difficult to negotiate with their realtor; especially when they make no effort to educate their clients - to either get their own quotes on what things cost, or do a pre-listing home inspection.
I almost always get/negotiate something "BIG" for my clients; and almost always succeed in getting my seller clients to pay the very small home inspection fee ahead of time, so that we can either price the listing accordingly, or get some repairs made.  Buyers like things already done, especially the younger, single female buyers (majority) we have in our area.
5:58pm • #11
SEP
08
2008

My nightmare experience was with a realtor who not only did not educate their clients but because they were "too busy" simply submitted a Repair Amendment and indicated "See Attached Inspection Report" and basically wanted EVERYTHING repaired.  When I represent a buyer I let them know ahead of time we will be focusing on major items such as HVAC, roof, foundation, etc, not chipped paint, missing screws, etc. 

Sharon, this was a great post - see you soon!
Rockie Marvel
9:33pm • #12
471,429 Points 11 Featured Posts Attended Rain Camp Called Shot Master

Rockie, I like your idea of preparing you buyers ahead of time.  I have had clients that wanted everything prepared.  I am going to begin educating my current buyers tomorrow!
11:01pm • #13


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