Normally people have a minimal experience in negotiation
while selling or buying a property. Patrick Earles described that even a small mistake in negotiation can create a huge
loss in the deal. Since during negotiation, an individual does not understand
the psychological strategy and the flow of the market as they have no idea on
which side the market is shifting. Due to this, the individual does not get the
best outcomes. Patrick Earles shared
some real estate
negotiation tips to help individuals to buy or sell their home in 2023 in an
effective way:
Be
knowledgeable about market trends before beginning-
Patrick
described
that before starting the process of buying or selling the property, you must
aware of the market. Normally people do not figure out the right time to sell
or buy properties. Since when you know the right time of buying or selling
property and supply that outnumbers the demand. It helps you offer more options
to choose from. This gives huge power to the buyer or seller. For that,
you must aware of the city trends and their current trending rates. This will
give you BATNA in negation that will make you more confident to get the right
deal. In his previous article, he also shared the steps to buy or
sell property in the United States.
A
good time to seek assistance-
Once you know everything about the area or property,
then it is the right moment to take help from a broker. Patrick explained Buyer or sellers usually avoid being in contact
with a broker in order to save the fee. But is always a need to remember that in many areas, real
estate negotiations go very quickly. For not to get caught unaware of the
situation. It is good to involve an expert from the same industry that
will help individuals to better proceed since they have in-depth knowledge about
that area. That will help to figure out or set reasonable expectations. Patrick
also described that it is also important to take advice from an expert since a novice
in the market does not have the proper contact or is unfamiliar with market
trends that might not set you at the right expectation and deteriorate your negotiation.
Before starting a conversation, be
familiar with the other party-
once you have
gathered all of your information on market and property trends. According to
Patrick, the best way to interpret the feelings of the other person is to meet
them at the appropriate moment. Since you never have the luxury in real estate.
But in this negotiation, you have to give them the initiative. When they talk,
you can tell how serious they are and how much you can sway them to modify
their offer or alter their mind.
Maintain emotional control when
negotiating a war-
Being emotional during a
negotiation is the single biggest obstacle to acquiring what you want more
quickly. Patrick claimed that because the stakes are so high, rage is a typical
emotion in real estate transactions. Real estate transactions will be
challenging for you if you can't keep your composure under pressure. Anger in
particular is a weakness at the negotiation table. There is nothing regarding
real estate deals that cannot be discussed and agreed upon.
Patrick Earles also answered some other questions-
Question.
Why do we have the BATNA ready during the meeting?
Answer. Having a plan B is crucial, according to
Patrick. If you're a seller, you ought to be getting additional bids soon. If
you're a buyer, you ought to be interested in other properties. Your ability to
negotiate thus starts by providing more alternatives before the negotiation
even starts. You might not have been making enough effort to represent the
other side if they feel like they are pressed to the limit.
Question. Is it good to walk away if the negotiation
does not go well?
Answer. Patrick Earles explained that the person must also understand the power of the word
"No". This can occasionally frighten the other party and divert them
when they aren't paying attention to learning. You must be able to say
"No" at the appropriate time.
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