5 Real Estate Negotiation Tips You Need to Know

In many real estate transactions, there is a fair amount of real estate negotiation – offers and counteroffers – before both parties are satisfied.

Whether there’s only one offer on the table or you’re navigating a multiple offer scenario as a buyer or navigating a multiple offer scenario as a seller, negotiation skills are critically important in today’s real estate market.

Following are five things to keep in mind if you find yourself in the midst of negotiations.

1. Keep the circumstances surrounding your move between you and your broker. The more the other side knows about your situation, the more leverage they have in negotiations.
2. Fight facts with facts. Support your offer or counteroffer with as much evidence as you can – especially recent comps – to make a compelling case.
3. Do not negotiate directly with your counterpart. Negotiations can be a highly-charged and emotional process, and you don’t want those emotions to get in the way of accomplishing your goals. As an objective voice, a broker can help you work the best deal possible.
4. Require a pre-approval letter with all offers if you’re a seller, or present one if you’re a buyer. This saves time and ensures that negotiations only occur between qualified parties.
5. Save face. You never know when a party may return to the negotiating table, so it’s best to always leave the door open.

Negotiating is an aspect of the real estate transaction in which a broker is truly invaluable. Not only can a broker draw upon his or her experience and market knowledge to offer sound advice during a negotiation, but he or she can also serve as a buffer between the buyer and the seller/seller’s broker.

To learn more about how to negotiate a home purchase or sale, contact an @properties broker. For other buying and selling tips, browse the real estate advice on our blog.