The Art of the Deal: 3 Key Tenets of Negotiation

When it comes to the difference between a successful transaction and a failed one, sometimes it all comes down to how well the negotiations were carried out by the real estate professional. For this reason and a few others, it’s important for homeowners to choose the right broker to deal with; when times call for serious verbal fluidity during negotiations, buyers can lean on the expertise of their agent to seal the best possible deal.

A Solid Market Understanding

It’s important to keep in mind that most brokers have access to a wealth of tools that give them privileged knowledge of the local real estate market. Essentially, this means that they’ll likely always be a step or two ahead of the seller during negotiations, at least in terms of market understanding. This sort of direct access to local market insights is largely in a real estate broker’s favor. Competent real estate brokers are fully acquainted with the intricacies of their market, and clients can bet that they’ll come to the meeting ready to lay those facts on the table.

Detached From Emotions

During negotiations, competent real estate brokers remain fully detached from their emotions. This is somewhat easier for a real estate agent to do than a buyer, since they aren’t dealing with their own home and thus have less of a stake in the matter. Aside from that, experienced real estate agents have participated in enough negotiations to understand that bringing emotions to the table will only serve to hamper the broker’s position of power in the exchange. If the client is feeling a surge of emotions during negotiations, it might be best to hold off on commenting for a while and trust the broker’s guidance through the exchange. Prior to the negotiation, it’s important for the buyer and broker to communicate openly regarding the upcoming “game plan”; there should be no room for missteps or errors due to miscommunication prior to the meeting.

A Creative Flourish

Any veteran San Diego real estate professional will tout the veritable artistry involved in the negotiation process. There are a myriad of factors at play during a negotiation that aren’t immediately discernible to those looking in from the outside. For instance, when the two parties reach difficulty in coming to an agreed price, it’s necessary to be creative and find a solution “outside of the box” in order to proceed. Here is where the broker’s experience and creative flourish come into play. For instance, a possible solution to an impasse might be the addition of a desirable appliance or piece of furniture in the price, or perhaps the agreement by the seller to subject the home to certain attractive renovations before finalizing the deal. Additionally, brokers can play with the occupancy date in order to accelerate the final handshake.

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