(RE/MAX Blog)- Negotiating your deal is one of the most critical aspects of your real estate journey. It's also one of the parts of the process where your agent's experience can make the most dramatic difference. Your home purchase or sale, probably one of the biggest financial transactions you'll make in your life, is not the time to test rookie negotiation skills. Here are just a few things agents, as professional negotiators, know that help them reach the best closing agreement for you.
1. That knowledge is power
In addition to their in-depth knowledge of the market and valuing a home, your agent will have dug into public records about the property and the neighborhood. Your agent will also look into the seller's motivation. Knowing things like whether the seller is under pressure to move quickly can help shape negotiating strategy.
2. How to time it
Sometimes a quick response to an offer is critical. Other times, it's best to keep the other party on the hook. Knowing which strategy to employ is crucial in negotiations.
3. Objectivity is a must
As a professional negotiator, your agent is able to control the process without being affected by the emotions that swirl around real estate transactions for buyers and sellers. Among other potentially expensive missteps, inexperienced negotiators can reveal too much info to the other party, especially during intense, fast-moving negotiations.
4. What to ask for
If you don't ask for something, you won't get it. As your advocate, your agent will know how to ask for things like concessions and repairs in a manner that's most appealing to the other party.
Selling your bike online? Go forth and make a killer deal on that two-wheeler. But when it comes to buying or selling your home, stick with a professional. Real estate negotiation is no place for training wheels.