If your goal is to have raving fans – those who will tell everyone about you – getting your clients an amazing deal through masterful negotiation is one way that’s sure to impress them. Learning a few tips and tricks may help you ensure your client’s offer is accepted, rather than countered or flat-out rejected. Here are seven ways you can improve your negotiating skills when you’re working with buyers.
It might seem obvious, but listening carefully to a listing agent might offer insight into the true motivations of a Seller. Aside from price, there might be other ways a Buyer can sweeten their offer.
Tell a Story
With their permission, of course, it can be beneficial to tell the Seller a little bit about your Buyer(s). Though it’s nice to put emotions aside, some Sellers like to know their property is being sold to good people. If it’s a family home, for example, you might include a cover letter detailing a bit about the children.
Offer Something Cheap Yet Valuable
Value isn’t always related to price. Using tools like a strong deposit, limited conditions, a quick close, or accepting areas needing repairs, might entice a Seller to accept a lower price. Again, listening to find out a Seller’s motivation will help you to include valuable terms that don’t necessarily require more money.
Be Prepared to Walk Away
You’d certainly need your clients’ consent, but being ready to walk from a deal (if you can’t secure the price and terms you want) is a powerful negotiating strategy. With enough time to chew on the offer, a Seller may come back to the table ready to accept the offer you initially presented.
Pick Up the Phone or Meet In Person
While text, emails, and social messaging are convenient, nothing beats a phone call. To facilitate a deal, it’s always best to communicate in person, if possible, or at least on the phone. Try and dodge electronic communication when presenting an offer and in the midst of negotiations.
When presenting an offer, it can be beneficial to demonstrate how your clients arrived at their offering price. Sharing active, expired and sold comparable properties, may help educate the sellers and help them in accepting the offer presented.
Though you (and your clients) might feel keen or desperate, it’s important to come across nonchalant. While you might want a Seller to know how much your Buyer(s) love their home, it’s equally important they don’t think you’d be willing to overpay. Ensure a Seller knows your clients are looking at other properties too.