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The Art of Negotiation

To negotiate is to influence your buyer’s decision to choose a property by specifically presenting to them the best deals they can get on what they consider are most important to them. A successful negotiation starts before the confrontation itself. It requires a lot of research about your buyer, their pet peeves, interests, places of work and school, and places of recreation. Then, when you finally see one that fits your requirement, then you can now negotiate on its price.

Here are several tactics for a successful negotiation.

Plan for success
When you go into the negotiations, make sure you come prepared, with enough knowledge to get the best deal. What is the point of selling your property without having any profit? Do your research on the market value and calculated the value of your property accordingly to avoid tis to happen.

Always negotiate face-to-face
Negotiations are best done in person so as to size them up and recognize signs of impatience on the buyers if they are not quite sold on your property. Over the phone, it will be easier to just say no and close it, leaving you no time to discuss with the prospective buyer the positive stuff about the property.

Set the stage
Choose the best time and place for the negotiation to take place with the buyers. Ideally, it should be in place where their comforts are met, at a time when they are alert and willing to decide on a property.

Prepare yourself
Also get ready for the negotiations yourself, knowing the right things to say, preparing answers to expected and even unexpected questions. Leave all negative emotions and problems behind as this will reflect on you when you deal with your clients and an undesirable event occurs, killing the sale almost instantly.

Negotiation is power play
Negotiate with authority. You are the expert on real estate, you know about the market value of your property, you are aware of the facilities and amenities that your property presents. Let the buyers feel at ease to trust you enough about your property. Excellent communication skills are needed to get your point across most effectively. Be professional and reliable, without becoming overbearing and a pushover. Be sincere with your interest of them because buyers can perceive when they are being deceived.

Negotiation is psychological
If you do not believe in your product or property, how do you think you will be able to sell it effectively? You will just be contradicting yourself during negotiations and end up confusing the buyer and even yourself, with nothing coming out of it.

Negotiation is a management of perception
The best negotiation is to know and understand your buyer’s needs and wants. This dictates their perception of the house that they are willing to purchase. Are they more concerned on comfort rather than design? On price rather than on facilities and amenities? On size rather than on location? Knowledge of these things will help you choose the right property for them and negotiate based on what they decide on. You have to make them feel that they are at an advantage when they buy the house and that it will greatly make an improvement in their lives, not to mention their finances. Make them want the house to be able to command more for it. In pricing, always settle for a slightly high price so as to leave room for negotiations and making the buyer feel that they have actually gotten the best deal from you, when in fact, it is the other way around.

Stretch the deposit
When you have successfully convinced the buyers on your property, an option form is to be signed with a non-refundable deposit or option money. The amount of deposit should be at least big enough to discourage buyers from backing out of the deal and also cover costs of removing the property in the market.

Never reject an offer outright
Never close the door permanently on buyers. They may just be testing the waters to see how much you are willing to go. Try to be perceptive and patient on their feelings and moves since it will be a big decision to make on their part.

Negotiating is one thing that constantly happens in our life, from the smallest incident to major life shattering decisions. It is a learning experience as well as exciting. If you have mastered the art of negotiation, then you may find yourself getting what you want not only in the field of real estate but in other phases of life as well.

Mindy Yong
mindy@mindyyong.com
Tel: (+65) 91002985
Fax: (+65) 64021826

CEA Registration Number : R021232Z

 

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