What you need to know about negotiating
“’Negotiation is like dating. There’s got to be some romance. If the guy gets the girl home on the first date, it’s too easy and the relationship doesn’t last.” “Nothing poisons a deal faster, she added, than when the asking price is immediately accepted or when a buyer’s first bid is accepted. Either the seller feels he underpriced his home, or else the buyer feels he offered too much money for it. Rather than work on the relationship a bit, the buyer and seller tend to drift apart, Mrs. Corcoran said.”
Founder and Shark Tank Star Barbara Corcoran in The New York Times.
Negotiating should be a win win for both parties so they feel they received a "fair deal". Learn what the other party needs….not really why they are selling or buying, but what will satisfy them that they have a win-win sale. Many times we have been in multiple offer situations for our buyers, but because we took the time to find out the "seller's" needs and priorities, we've beat out higher competing offers because we addressed the seller's wants in structuring the offer. It's not always about price.
For sellers many strategies come into play. Most importantly, supply and demand. This can change daily! This can cause urgency for buyer's to get their offer accepted right away. But the first offer that comes in during a hot market may not be the best offer for the seller. Timing is important. What are the market conditions and how to work a "marketing strategy" based on market conditions?
Communication is key. Communicate to all parties well. Keep all parties informed every step of the transaction.
We have made a reputation for ourselves after 30 years in the real estate industry.
Our good reputation is not by accident.
We have closed 100's of transactions with our colleagues in other offices and companies.
Agents who have worked with us in the past know we handle all transactions professionally, treat other agents with respect and they can be confident of a smooth closing; that we are good at working through obstacles that may pop up during a transaction so that it is a win-win for all involved.
Jess and Julie Lyda
RE/MAX Northwest Realtors