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How do you work through a real estate negotiation and what are the key considerations needed to create a win-win? In this video, I will walk through the negotiation phase of our Buyer & Seller Plans which identifies a proven framework to work through a real estate negotiation.
Let’s get to it…
Control Your Emotions During The Negotiation By Being Prepared:
- Preparation is Key: Buyers and sellers’ biggest mistake during negotiations is a lack of adequate preparation. The most successful negotiators are the most prepared. Ensuring you’re well-versed in the negotiation process with the help of your real estate agent will guard against unexpected surprises.
- Understand The Trading Range: Familiarize yourself with the potential trading range of the property. Recognize that, barring a highly competitive market, buyers are likely to start their offers at the lower end of this range.
- Embrace Market Realities: A realistic understanding of the market dynamics is essential. This includes the likelihood of starting offers at the lower end of your property’s trading range, unless market conditions favor multiple competitive offers.
The Final Price Will Fall Within The Reality Price Range:
- Ground Your Expectations: Math is the backbone of any real estate negotiation and recognize that the final price will land within a range dictated by verifiable market data.
- Keep the Ball Rolling: Prepare to counter any proposal, regardless of how small. A token counter can be a powerful tool to keep the dialogue flowing. Remember, it doesn’t matter where you start but where you end that’s important.
Overthinking & Creating A Win-Win:
- Keep Emotions in Check: Sellers and buyers often delve too deep into deciphering the other parties’ negotiation strategies, resulting in unnecessary distress. It’s important to detach emotionally and view the negotiation as a straightforward business transaction aimed at uncovering the true market value of your property.
- Focus on the Transaction: Instead of over-analyzing, concentrate on the essence of the deal – getting the best possible price and terms. This helps in maintaining a clear, objective view of the negotiation process.
- Anchor to Your Purpose: Keep your “Why” at the forefront of your mind. This focus will enable a steady progression toward the ultimate goal of a successful sale.
To Summarize The Key Points:
