In real estate sales having good negotiation skills is an important part of salesmanship. Once you have the sale completed, the negotiations with the buyer or seller, depending on who you represent, start. If you can’t successfully negotiate a contract that each side can agree with, your sale will disappear.
You don’t have to be a natural negotiator. It is a skill that you can learn and master.
Here are some tips
As a buyer’s agent, you are the one making the first offer. One of the strongest maneuvers when negotiating is to be silent after making your offer. It’s not an easy skill, especially when your clients are probably telling you to keep making new concessions to secure the deal. Being silent will make the other side uncomfortable, which is what you want. So one of the best skills you can have is to keep your mouth shut.
It may just get your client a better counter offer
Negotiating also means getting information, the more, the better. It’s not always just about money. A good example of this is in a home sale. Two people are bidding on the same house. One buyer assumes that the seller would take the highest bid and offers full asking price, but that buyer needs 90 days to settle. The other buyer has his agent ask why the seller is selling. He finds out that the seller has been transferred to another state and has to move quickly. This seller makes an offer under asking price but makes it a cash offer that will settle in 21 days.
There is a lot more to negotiating, and getting in touch with a business coach or trainer can help you learn more. As a buyer or seller just knowing that your Realtor is a good negotiator should give you the peace of mind to know that you will end up with the best outcome they can get for you.