Virtually every real estate deal includes some form of negotiation. Reaching a consensus on price, timing, financing, inclusions, contingencies, and a property’s condition are just some of the contract terms that often require agreement or compromise. Whether negotiations are done around a conference table, over the phone, or via contract revisions, here are five tips that can help:
1. Stay positive.
Let your words and body language indicate that you believe a deal is going to be reached. Going into discussions with an optimistic attitude can often help generate positive responses from other people. Being upbeat, cheerful, and confident can help set the tone for the negotiating process and help put your clients at ease.
2. State facts.
Do your research and find current statistics and examples that can reinforce your positions. Whenever possible, present arguments based on data instead of opinions. Try to keep emotions and feelings out of the negotiating arena as much as possible. You’re much more likely to win concessions or reach a compromise when you’re debating with hard facts and figures.
3. Anticipate objections.
Take the time to think through the negotiating process and how it may likely unfold. Put yourself in the other side’s shoes and predict what objections they may have to your offers or proposals. Again, research can help you to be prepared with facts to substantiate your position and make your points. If the negotiations are to be in person, it can be helpful to prepare by role-playing with a colleague or friend to practice responding to potential objections.
4. Everybody wins.
Many successful negotiators enter the process with the goal of a win-win agreement. That means that everyone walks away with a deal and believing they have gained something. It’s also helpful to remember that, in real estate deals, negotiations are not always about money. Time and convenience can be currencies, too, and often can help offset price disparities.
5. Keep your word.
If you cultivate a reputation for always doing what you say you will, people will learn that they can trust what you say in negotiations. Building a reputation for honesty and integrity can pay dividends in real estate relationships and negotiation scenarios. When clients and colleagues know they can always count on you keeping your word, they’ll be more likely to trust your negotiating positions.
HSA home warranties can be highly effective in negotiating tools in real estate deals. That’s because HSA protection can help mitigate home inspection issues and concerns about the age and condition of home systems and appliances. HSA home warranties can also add value to transactions and lead to increased buyer confidence and satisfaction with their purchase. When you include HSA coverage in real estate transactions, clients have tangible proof that you have their best interests in mind. To find out more about the benefits of HSA coverage for buyers, sellers, and agents, contact your HSA representative.