Here Are Four Tips To Help You Negotiate In A Buyer' S Market

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Negotiation tips for a buyer's market - "it is not necessary to change. Edwards Deming.

Survival is not mandatory. " W. - you should be used to it by now - the buyer' s market has settled into his big, leather, cushy, easy chair and he' s resting comfortably. And one of the best ways to do that is to sharpen your negotiation skills. He' s like the guest who just won' t leave, so you have to learn to live with him for a while longer. During the last five years of the hot seller' s market, negotiation skills weren' t quite as important as they are now. Now things have changed. All you had to do was put the house on the market with a reasonable price and let the bidding begin.

Today, we' re seeing a more traditional market where buyers have their share of homes to choose from. - here are four tips to help you negotiate in a buyer' s market. So the negotiation game among sellers and buyers( and their respective agents) has reached a new level of importance. Be informed. It' s the one tool that' s imperative in any negotiation. I can tell you without exception who always wins in a negotiation - the one who has the most information and uses it wisely.

Information leads to the right price for a property, it puts details in perspective, it lessens tensions and it keeps emotions in check. - don' t lower your commissions. There' s no excuse for not knowing average days on market, list to sell - price ratios, home amenities and all the other basics, but it also helps to know, a buyer, for example' s motivations( are they moving with a job, do they like the school district, etc. ). This is a key point, because in a buyer' s market, many REALTORS(R) automatically put their commissions on the auctioning block. That you' re easily willing to come down on price - not what a seller wants! But if you lower your commission to get a seller' s business, what does that really say to the seller? Instead, demonstrate your value of past transactions and show that you delivered a better price for the homes you' ve sold.

You have to prove your value to get the full commission you deserve as a professional. - you may be asking for a higher commission, but the price you get for the seller more than makes up for it. And revisit and adjust your listing presentation to illustrate to the potential client that you understand the nuances of a buyer' s market. Never flat out reject an offer. Handle offers with care. Sure, you' ll get offers that you simply will not accept( and that you might even find insulting) , but be careful and tactful with how you respond to those offers.

And adopt a sense of urgency with offers. - you' ve done your homework to arrive at the asking price, so explain that to those who make offers instead of a flat rejection. I' ve seen some REALTORS leave offers on the table for a week or longer before responding. Keep a positive" this will work" attitude. It' s not professional and it' s not in the best interest of your client. Consider how comfortable you' d be on the operating table with a surgeon who' s sending out vibes that things might not pan out. There really is a solution to every problem.

Focus on solutions and persist without exception. - effective negotiation requires focus, concentration and skill. This is such an important topic that I' ve posted even more information on how to improve your negotiation skills on my web site. When it' s done right, everyone feels they' re walking away a winner! I highly encourage you to take advantage of it. Best of luck to you.