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When you are working as a buyer’s agent, your success and popularity depend upon how quickly you find the right home for your clients. However, the process of buying only begins after your buyer has found a home that they love. The real challenge lies in making an offer that is irresistible for the seller, but attractive to your buyer as well.
Negotiation skills sharpen with time and experience, but there are some ways to ensure that you get the most out of your tactics.
It goes without saying that you need to be prepared and alert to make the right moves at the right time. In times when inventories are tight and multiple buyers are competing for the same properties, your skills and knowledge of the market become important for your client. You should have knowledge of sale prices of similar properties sold in the area to prepare the offer accordingly. You should collect all information about the seller such as his profession, reason behind selling, marital status and so on. All this information helps you in not only preparing the offer but also in chalking out your negotiation strategy and style.
Have a solid plan for negotiation in place. No matter how well you have prepared, you cannot be sure of the direction in which negotiations will move. Being able to get the seller down to your price is the goal, but you should be prepared to pay a little more than you had anticipated. Always keep communications with your buyer open so that they aren’t surprised if you have to recommend changing tactics.
If the property in question is in a hot housing market, waiting for other buyers to make their moves can prove costly. If you realize that the asking price is reasonable, it is prudent to be proactive and approach the seller’s agent with an aggressive offer. Make it clear that your offer is not contingent upon financing. You can also offer to close the deal early at seller’s convenience.
Create personal rapport with the owner and his agent by having an informal chat with them, and let them get to know your buyers. Give an impression that the buyer is prepared financially and is known as a honest and reliable individual. Let it be clear that the buyer is eager and enthusiastic to buy the property. Some agents swear by a personal letter from the buyers to the sellers, to ensure that the house is in good hands.