How to Win Your Next Real Estate Negotiation
Sometimes during the real estate buying or renting process, you’ll hit a snag in negotiations and end up disagreeing on a price. Just because your offer was rejected, it doesn’t necessarily mean that you’ve lost all hope for the property. There’s a lot more you can do to remedy the situation. With that said, here’s some insight that could help you gain an edge in your next real estate negotiation.
Real Estate Negotiation Tactics for All Types of Buyers
Keep it Simple
Often, when a seller rejects an offer, the potential buyer or renter will spend countless hours going over possible scenarios and motivations for the rejection. You can spend a lifetime going over old sales records and tax history.
Instead, move on! If a seller just isn’t budging, your time will be much better spent continuing your residential or commercial property search elsewhere. With today’s expansive real estate market, there’s destined to be a seller out there who is keen to your interest.
Put your Best Offer Forward
It’s natural to hold some funds back when you’re making an offer. There’s always the temptation to leave some room for negotiation.
However, if you feel that your offers are constantly being rejected, you might have to rethink your strategy. If the seller isn’t entirely desperate, a lowball offer isn’t going to help your case.
Therefore, if negotiations aren’t going exactly the way you’d like, it’s smart to start out by putting your maximum offer on the table right from the get-go. If they reject the absolute highest you’ll go, then it may be time to move on.
Consult the Experts
Usually in any real estate negotiation, the buyer and seller each have their own agent. If your offer is rejected, it might be beneficial to go back to your agent and see where it all went wrong.
Real estate agents have been there before. They’ll be able to explain what may have turned off the seller and any possible steps to eradicate the situation.
Agents can barter on your behalf, and they may even strike a chord with the seller. They are experts after all.
Don’t Give Up on your Initial Bid
Sometimes, you might have a firm price point. If it’s rejected, you still might not be willing to budge. This might not always be the wrong move.
A restructured offer may end up getting the job done after all. In some cases, the money isn’t always the hold-up. Provisions and contingencies might really be what’s holding your offer back.
In that case, you might need to make some concessions to keep the price to your liking. If you want to make a deal, you may need to meet them half way.
Follow these tips and tricks for reversing the results of negative real estate negotiations. Remember, if the seller rejects your offer, it isn’t always the end of the world.