Patience

By
Real Estate Agent

Note to buyers, sellers and in this case perhaps most importantly myself, patience is a virtue.  Don't get me wrong,  I'm the type of guy who often wonders when something isn't done, why it wasn't done yesterday and in Real Estate, in many cases I've found this to be a good attitude.  For example, when you're waiting on finishing details with a sales contract, inspections etc. you don't ever want to procrastinate.  All you're doing is setting yourself up for disaster.

But in the negotiation phase you have to be patient sometimes.  When you're on the list side of a deal and a co-broke sends you a lowball offer, you are not obligated to jump all over it and start caving in right away.  Let the buyers stew for a night on this one.  Let the buyers question their offer price.  Should we have come in higher, did we offend them etc.  I always coach my sellers that an offer is ALWAYS a good thing, no matter where it starts, it could end up satisfying both parties.  But negotiation is a give and take.  If you're negotiating style is give, give, give then you'll give away the store.  

Even worse, your seller will see that you're anxious and they'll start to feel like they're about to get screwed.  The buyers who already have an upper hand in this market will start feeling entitled to some sort of unbelievable deal and become self righteous.  Take it or leave it will be their attitude.  All of a sudden, a deal that was meant to come together will be falling apart before your eyes.  Remember, in all other phases of the transaction, push, push, push but when you are negotiating, remember to be be cool, calm collected and a little patience can go a long way.   

Comments (7)

Tamara Schuster
Naperville Glen Ellyn Lisle Plainfield Wheaton Illinois - Naperville, IL
Realtor Broker - Naperville

This is great blog.Patience is the key in all areas. I like it.

Jun 17, 2011 04:52 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Matt, that is certainly true. I think sometimes we feel our sellers pressure to "get it sold," and need to pull back and take control in order to ensure the best possible deal for them.  Currently, there are many buyers and their agents who seem to feel that sellers should appreciate an offer...any old offer. We can't let that attitude prevail. I always encourage the agent to run some comps...it will show that my listings are priced fairly.

Jun 17, 2011 04:55 AM
Matt Patty
Warwick, RI

Sometimes I wish it was more common for buyers to submit CMA's with their offers.  Lets get to the REAL market value and make a fair deal for everyone.

Jun 17, 2011 05:00 AM
Juan Bassett
Long & Foster - Germantown, MD
GRI

Matt, Patience is a good thing. And in your example of a low ball offer... it may also be a good thing to wait over night , then counter (and that's if the low ball is not far off base). If it is a "ridiculous" offer, I would think the seller would lose patience. Patience is good, being able to stay patience is another story. Thanks for the point of view.

Jun 17, 2011 05:01 AM
Matt Patty
Warwick, RI

You're welcome Juan.  Thank you

Jun 17, 2011 05:13 AM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Matt, I love your thoughts on not rushing to respond to an offer and letting them stew a bit. It's often a very good tactic!

Jun 25, 2011 05:38 AM
Anonymous
Anonymous

Thanks Connie.  I look at it like its part of our job to condition buyers and sellers not to be anxious while making the process as painless as possible and sometimes people do need a night to digest an offer so to speak. 

Jun 25, 2011 06:25 AM
#7