estate agent — is an expert at working under the pressures of competition, time, information, and communication. But you can also learn how real estate negotiations work and how to apply appropriate techniques so you can get the price you want from buyers.
MISTAKE #1: NOT BEING AS INFORMED AS YOUR BUYERS
Failing to prepare ahead of time for the negotiation process with the buyer is a major, but common, mistake. It’s in your best interest to do your homework and research before you get to this stage, so that you come to the negotiation table armed with the knowledge you need. This is another area where it’s better to have a qualified real estate agent working on your behalf; after all, successful agents are skilled negotiators, as well as informed of the current real estate market and laws. One of the most important pieces is knowing what the current market is like. Is it a buyer’s market (many homes to choose from), a seller’s market (homes are in shorter supply), or neutral (balanced)? It’s important to note that the real estate market can change quickly, and can also be affected by developments in your area. It might surprise you to learn that a major development (housing, retail, schools, businesses cropping up or shutting down) can have a major effect on your sales prospects; without this knowledge, the buyer will have the upper hand in the negotiations. You’ll also need to familiarize yourself with basic real estate terminology, so you aren’t thrown when a buyer comes at you with language you aren’t familiar with. Remember, knowledge is power. Information is crucial to real estate negotiations. It’s your job to stay on top of this information, including paying attention to the news in your neighborhood, but
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