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[VIDEO] 3 Negotiation Tactics in Real Estate

By Carey Frankel

Real Estate Agent with Phyllis Frankel Realty Group | Ponte Vedra Real Estate

December 11, 2015 02:00 AM

How to Handle the 3 Most Common Real Estate Negotiating Tactics

See the infographic: https://www.frankelrealtygroup.com/negotiation-tactics-real-estate.php

The real estate process is stressful. No matter if you are the buyer or the seller you will run into some issues. You are going to have negotiate with the other side.

In order to protect your interest and get the most out of negotiations on your home's purchase or sale then you should find out (1) how motivated the other side is to buy or sell and (2) is the home prices at market value.

If you are less motivated then the other party then you have more power. And if the home is not priced at market value then as a buyer you have power and and a seller you do not.

So once you figure out the buyer's or seller's motivation and the market value of the property you need to watch out for these 3 scenarios:

1. Verbal Statements

The other agent, home buyer or home seller might tell you something when you are walking through the home. It might sound great and help you make a decision to move forward on the deal. But when you sit down at the negotiating table you might hear something totally different from another party.

The best way to avoid this good cop/bad cop routine is to get everything in writing. And then have it signed off by all parties. Then you know you have a done deal!

2. Multiple Bid Situation.

As a home seller you should be elated. As a home buyer you will be depressed. Multiple bid situations usually end up with the home selling for more.

So as the home seller who wants to sell your home for the most money you should aim for this situation.

You can do this by:
-pre-marketing the home. "Coming Soon". Will build up excitement for the home and could net you more interest when the home comes available. And a multiple bid situation.

-Pricing the home at or below market. This seems counter intuitive. But combined with pre-marketing the home you can get a line of buyers and a higher than list price offer.

-Letting everybody know you have an offer. If you have an offer coming in then let everybody who has seen the home know. They might of been on the fence and this is what they need to get them to put in an offer. You also want your Realtor to contact all the Realtors who have clients registered in the MLS with search criteria that matches your home.

3. Endless Request

Everything starts out fine. Then the other party, buyer or seller, ask for one more thing. Then one more thing. Then one more thing. This can derail the whole deal.

It's best to get along as much as you can but if you have the "Endless Request" then you need to put a stop to it. The easiest way to do that is to explain you have a lot going on with the move and have already everything planned according to the contract. So you are happy to do anything according to the contract. This keeps the deal going and helps make your life more manageable.

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[VIDEO] 3 Negotiation Tactics in Real Estate

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