Seattle Real Estate News

Let me negotiate for you

June 11th, 2016 8:20 PM by Sam Kader

The basic premise of negotiations is to work together to advance on outcome that works for both parties. Here are 6 useful points in negotiations:

1) Take personality clashes out of the equation and create a third party and focus on finding a solution rather than becoming defensive and unreasonable.
Offer price must be within reasonable range on the listing price. Listing comps that listing broker used to generate the listing price would help selling brokers understand the pricing process - an honest home seller trying to secure fair market value and not a greedy home owner trying to make a killing on his home.

2) Look for the "why" which can be invaluable strategy as it gives the opportunity to create a solution.

3) Avoid getting personal because no one likes to be attacked personally. Keep it polite, stay calm, and be respectful. Playing the blame game or reacting negatively will work against our goals.  Always assume the best of the other person negotiating.

4) The more flexible we can be toward the other party, the more likely they will be willing to give us what we want. Decide ahead of time what you can or can't waver on. You often can give the other party what they want without having to sacrifice your position. Both sides must be willing to make some concessions such as giving up on certain repair request from a home inspections report, lowering the closing costs subsidy, offering a home warranty, closing early or taking a home sale contingency. For everyone to win in the end, everyone has to have some skin in the game.

5) Having some empathy for the other person will often ease the pressure in a negotiation enough to get them across the line on the other things that are important to achieve our goals.

6) Use silence as it can be give time needed to "cool off". When we remain silent, we automatically get the "ball in our court" which gives us the power to make the next call. When we do come back to the table with a counter-offer, their anticipation of closing the deal immediately will make the seller more willing to sacrifice items that they have fought hard to get in earlier negotiations because they've seen the light at the end of the tunnel.  When certain parties become unreasonable in the negotiation process -  always be ready to walk away. You can't love something that is unable to love you back.

Ideally in negotiation - we would like to strike for a win-win solution. To achieve this goal - both sides must have their egos in check. "Winning at all costs" mentality should be confronted with "walking away" attitude.  Negotiation is about coming to the most out of someone for the least amount of budget, it's about coming to the most positive outcome for all parties involved.

Posted by Sam Kader on June 11th, 2016 8:20 PM


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