The Art of Real Estate Negotiations
Offer. Counteroffer. Counter to the counteroffer. If that’s all there was to negotiating a real estate sale, it could still be fraught with room for deals to fall apart. Yet in reality, the sale or purchase of real estate involves negotiations with both parties every step of the way. Negotiations on sales price, negotiations on the closing date, negotiations on items to be repaired, negotiations on which title company to use, negotiations on what will convey with the property, and more. As you can see, there are several opportunities within one transaction for negotiations to fail if not handled properly.
After negotiating hundreds upon hundreds of successful closings over the years, we have an intuitive understanding on how to negotiate in our clients’ best interest every time, and it all comes down to not trying to win at all costs. “Come again?” you may ask? That’s right. The most successful negotiations for our clients come when both parties get a win. While a firm, unrelenting one-sided deal may seem to be in the best interest of a buyer or seller, negotiations aren’t about tenaciously fighting for everything one side wants. At the end of the day, obtaining a desirable outcome for our clients comes with the expertise and skill of knowing when to give.
The most successful negotiations come down to a respectful conversation with empathy, honesty, and transparency. Listen more and talk less. Consider the motivations for the other party’s requests. Understanding what the other party really wants allows for a skillful agreement to what our client really wants.
Most people will state what they expect in a negotiation if you ask the right way. Using these insights properly will help structure a deal that benefits our clients while allowing concessions that lead to a win-win. The best negotiators know to be prepared to lose something in the negotiation – giving up something is crucial to getting more of what you want most.
When it’s all said and done, having a skilled negotiator on your side who treats others with integrity and respect is the key to a successful outcome in real estate. As The Luckys, we’ve built a reputation among our clients for finessing, not fighting, to get them what they want, when they want it. Contact us to see what we can do for you! Lucky@RussLyon.com or 602.320.8415