The Best Negotiating Methods of Top Real Estate Agents

The gist of every real estate transaction is the same. The seller looks to lock in the highest price possible. On the other hand, the buyer wants the greatest value, i.e., the maximum value at the lowest price. A real estate agent’s skill lies in them tactfully negotiating the best deal in a way that satisfies their client.

In this article, we discuss four negotiation strategies that real estate agents have been applying successfully, be it residential, commercial, or industrial real estate deals.

Let’s get started.

1) Prequalify your clients

Prequalifying your clients can be defined as the difference between securing a sale and wasting time. Simply put, if you want to make the process faster and crack deals, ensure that the buyer has the ability to pay.

It is important to run the potential buyers through verification to see whether or not they can afford the property. One way to do this is to run credit checks before showing the property.

2) Negotiate in person

In this digital age, it is true that negotiating via email or phone are likely things to do, but nothing beats a face-to-face discussion. It can lead to better and far more lucrative deals.

To put things in perspective, meeting in person allows you to deduce the buyer’s intention. The body language and facial expressions can reflect the level of interest they have in the property. 

Furthermore, in-person interactions on a frequent basis can help form a personal connection. This can make it easy and quite faster to close sales.

3) Provide awareness and value

A real and competent real estate agent does everything but does not impose or preach their choices on to their client. An expert, real estate agent, will always focus on educating and simplifying the deal structure for the clients and potential buyers. 

The primary focus should be to make clients feel like it matters to you that they make an informed decision. Make sure to leave an impression that makes both the buyer and seller feel compelled and comfortable enough to come back to you for advice.

4) Seal it with an escalation clause

If you are a real estate agent representing the buyer, you would never want to put yourself into the bidding game with other buyers. And, if you are an agent representing the seller’s side, you would never want to commit to the highest bid if you see that there is a chance someone could pay a higher price. 

Here, through an escalation clause, you can lock-in the offer from the buyer’s end while at the same time, leave a margin for the seller to win a higher quote of the price.