Real Estate NewsThe Savvy Negotiator: Seven Tips to Getting Your Client What He Wants
I like to negotiate. I think it"s great fun, especially when everyone comes out of the deal thinking they "won." Of course, that"s not always possible, but it"s an added bonus when it happens.
Anyway, here are a few negotiating tips from Jennifer"s Toolbox:
Never, ever call the buyer"s agent and ask how the inspection went. Let him come to you. Take the attitude that you"re confident the inspection went well.
Never, ever call the buyer"s agent on the day of the loan approval and ask if the buyer, indeed, has loan approval. Call the next day. It"s not your job to protect the buyer"s earnest money deposit.
When negotiations get hot and heavy -- withdraw. Dead silence from your end. Let the other side wonder if they blew it with you. Overnight.
When negotiating, try not to make the other side feel bullied or cornered. Build in a slight "putz" factor when you can to give the opposite team a way to accept without losing face. For example, if your buyer asks for a $2000 credit for repairs and the seller counters with an unacceptable $1000 credit, go back at $1,800 instead of standing firm at $2,000.
Always remember that the other side, whether buyer or a seller, feels vulnerable as well, regardless of their stance during the negotiations.
You can always say "no." In fact, the other side probably fully expects you to. If they want to buy or sell, your saying NO won"t kill the deal. And sometimes, bending over backwards to make a deal go thru can actually do more damage than simply saying NO.
Almost everyone likes to negotiate, regardless of any claims to the contrary. As a buyer agent, do not submit offers with the statement, "This is our highest and best -- take it or leave it." It won"t work. If you"re the listing agent, always find something in an offer to counter. Both sides want and need to feel the thrill of a successful negotiation.
BONUS Tip: No matter how frustrated you are with the agent or principal on the other side of the deal, try to stay pleasant. You never know when you"ll need a favor from them!