The art of real estate negotiation.
When it comes to selling a property, negotiation is a critical part of the sales process, but it may not be something that comes naturally to either buyers or sellers.
Rather than considering it an afront (if you’re a seller) or an imposition (if you’re a buyer) it’s important to appreciate that ‘negotiation’ is all about establishing ‘win-win’ outcomes for both parties involved in the transaction of a property.
It’s also essential to appreciate that ‘negotiation’ is not personal, and the ability to achieve this win-win outcome is a key skill you should seek out when it comes to selecting the right agent to handle the sale of your property.
It’s part of the sales process
While the sale of a property often involves emotions, ultimately it’s a business deal where it’s all about establishing a middle ground between both the buyer and seller.
Sometimes those needs revolve around price. As in, the seller has expectations about what the property’s worth, and the buyer has expectations about what they’re willing (or can afford) to pay.
Other times, negotiation might involve different needs, such as a longer settlement time or perhaps inclusions in the sale (such as fixtures and even furniture).
It’s not personal
When you’re selling or buying a property, it has the potential to feel personal. After all, there’s both financial and emotional expectations on the line.
This strikes at the core of a whole host of important things, including your family or personal history, a place to call home, providing a roof over your head and so much more.
In a nutshell, it’s an emotionally charged situation. But negotiating what something is worth, or what should be included is not personal.
It’s about aligning people’s expectations with what the market is doing right now.
Know the market
On that note, it’s critical both buyers and sellers have a clear insight into the market state of play when it comes to negotiating the sale of a property.
How much similar stock is for sale? What price is it commanding? Who does the property suit and how much demand is there for a property of that nature?
Win-win outcomes
The aim of any negotiation is to find middle ground. Your agent will listen to both the needs of the seller and the buyer and try to achieve an outcome that suits both.
In the process, each of these parties might need to ‘give a little’.
A key skill your agent should have
When it comes to selling a property, ‘negotiating skills’ should be on the list of attributes you look for in an agent.
A good agent will be able to create competition for a property, listen to the feedback of buyers, and help the seller achieve a sale price that they are happy with as part of the negotiation process.
They will do so by tapping into their people skills, market knowledge and experience, drawing on all of those to achieve the best possible outcome for the property.
How we can help
If you’re considering buying or selling a property, why not chat with one of our friendly agents to understand the state of play in your local market?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
