The ability to negotiate effectively and in a timely manner is a valuable skill for any real estate marketing expert. Knowing how to close a real estate deal has its own secret ways. That’s why we wanted to share with you some tips that will allow you to understand and avoid any legal or emotional difficulties during the selling process.
Here is the top of professional trading tips:
1. If you think you’ve found the one, keep trying
If you’ve found the right property, start with your highest offer. If you think it’s a house worth a million go straight and offer 900 or 950k. It is much better to participate with a strong offer and get right to the most difficult part of the negotiation.
You have to be quick and come in with confidence to be taken seriously, you have to say “I’m interested in buying. I’d like to review the contract. My credit has been approved and I have the means to buy.” With such confidence.
2. Get pre-approval of your funding
Before you negotiate the price, it is important that you have a pre-approval credit, to know for sure you have the available capital. You must also carry out the inspection of the building, the property and keep all legal aspects up to date.
With this information in mind, you can negotiate the price. For example, you need to acknowledge whether the property needs high maintenance, or major repairs are required so you can negotiate at the final price.
Sometimes sellers become obsessed with the price they have in mind. You must keep it real. People’s emotional attachments can disrupt their ability to properly name a price.
A good tip is to investigate beforehand, how long the property has been for sale? What is there to know? If you have more than 6 months there’s an indicator that something is not right, either with the price or the property itself, that could give you so many powerful insights. Also, keep in mind that there are other properties and there might be something out for you waiting to be discovered.
4. Set boundaries
Offering more or less than is expected can be terrifying. It is advisable for buyers and sellers to do their own market research to set proper prices. There’s nothing like making well-informed decisions about sales prices. It is also recommended to work with an agent that has a transparent yet solid approach.
Transparency between seller and buyer favours negotiation when it comes to price and motivations on both sides.
For example, if the seller is already in the process of a new purchase, you must coordinate all times of both transactions, in order to have the necessary capital. Knowing this gives you a margin of trading in the price in exchange for expediting the decision.
Things can be stressful during negotiations, feeling pressure to decide and not losing the ideal home. Try to stay calm and make the best deal for both sides.
If you need the help of a real estate agent contact us at The Coto Group (305.422.9286 / 305.803.3059) or follow our social media channels @TheCotoGroup to know more about Real Estate all over Key Biscayne and Brickell. With over three decades of real estate experience, The Coto Group surely knows best.