Real estate negotiation tips that work

The following are some real estate negotiation tips to help you think more laterally in your real estate negotiations and achieve better outcomes. After all, why meet in the middle when both parties can achieve their goals?
 

Unfortunately positional bargaining in real estate transactions, that is focusing solely on a price battle, generally results in poor outcomes for both parties – because everyone gives up the same amount and, therefore, neither party gets what they really want.
 

Thankfully there are other ways to negotiate. Follow these simple real estate negotiation tips and watch your odds change:

1. Consider the objectives of all of the parties:
 

As a property buyer, the most important person in the transaction is the seller and you should focus on their desires first. Do some research with the agent and find out what is really motivating them to sell. Especially focus on non-monetary considerations. You would be surprised how often the sale of a home or other property is caused by something other than money. Here are some examples:

The seller needs to move from Phnom Penh to another country urgently: Perhaps offer shortened settlement terms during your real estate negotiation, for example 30 days. Or offer to pay a 50 percent deposit immediately – and the balance over a longer period.
The seller is building a new home to move into: Offer to rent the seller the property after the purchase on a month-to-month basis until their new home is complete.

The spouse of the seller is reluctant to sell the family home: In the real estate negotiation, offer to have a professional photographer come in and take portraits of the family in the home before they move out. This will give the reluctant spouse some comfort as a permanent memento of the home.

2. Don’t forget the real estate agent:
 

Remember, a big part of any real estate negotiation and the ultimate purchase is the real estate agent. The agent represents the interest of the seller, but they are also self-motivated. Therefore, it’s critical to have the agent on your side in any real estate negotiation so they put your offer in the best possible light to the seller.
 

For example, if two offers are equal on a financial basis, the agent will likely influence the seller to accept the offer from the buyer they prefer. 

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