Negotiating Real Estate - Go Slow
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Negotiating Real Estate: The Value of Taking Your Time
When it comes to negotiating real estate deals, slowing down can often work to your advantage. Here’s why a thoughtful approach can make all the difference.
The Power of Time Investment
Consider this story?"my less-than-pleasant experience with a real estate transaction involving a savvy lawyer as the buyer. I was new to real estate and quickly found myself outmatched by his tactics. Without delving into all the frustrating details, let’s just say his strategies put everyone on edge.
At the last moment, he demanded a $5,000 price reduction. It was a tough negotiating tactic, and the seller was on the verge of calling off the deal altogether. However, after trying to sell the home for two years and investing months with this buyer, everyone involved was reluctant to walk away with nothing.
There were three agents and two brokers in the mix. We all realized that suing the buyer wasn’t worthwhile, so we reluctantly agreed to lower our commissions by $1,000 each just to close the deal. This was an extreme case of leveraging time investment, something the lawyer was acutely aware of. Even though it felt unethical to me, it was undoubtedly effective.
Negotiating Real Estate Deals: The Ethical Way
In other situations, taking your time can be simply good negotiating. Think about buying a car?"are you likely to secure the best deal after just a few minutes? Probably not. But if you spend a couple of hours with a salesperson, they will likely work harder to meet your price just to close the sale.
The same principle applies to real estate. Remind the seller of the time already invested in the process. You could say, “Look, neither of us wants to lose the time we've spent and start over. How about I...” and then suggest a small concession.
The key is to subtly remind them of their time investment without being confrontational. By using phrases like “Neither of us...” you communicate that both parties share the same risk, fostering a collaborative atmosphere rather than a combative one.
Remember, this is just one of many techniques for effective real estate negotiation. It's worthwhile to learn and practice various strategies to enhance your skills.
By taking the time to master a range of negotiating techniques, you position yourself for greater success in real estate dealings.
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