To most of the world, the job of a real estate agent is simply to show buyers a variety of properties and host open houses for sellers. However, great agents and the clients that have benefitted from working with them know that there is quite a bit more to it than that.
The negotiation process is one of the most critical aspects of any real estate deal, and great agents who bring the right mindset and experience to the table can provide an invaluable resource to their clients during these potentially sticky moments.
To better help your clients through negotiation processes, we have put together a list of seven simple tips that you can use to be sure they are fully prepared for what to expect going into a deal, and to help them remain calm when things inevitably go sideways.
Start With Realistic Expectations
Whether you are dealing with buyers or sellers, the first thing that you can do to help them through negotiations is to prepare them for what to expect.
Pointing out that your sellers should expect offers below their asking price, and that buyers are likely to have their first offer countered, can remove most of the shock they experience when those things happen.
Know The Market Inside and Out
It is also important to make sure that your clients have reasonable expectations with respect to what a home like the one they are buying or selling typically goes for in their community.
By doing your homework and knowing the ins and outs of the local market, you will be able to pass on that knowledge and get them into a mental state where they already know what offers are reasonable and which are not.
Understand the Other Side
Most clients are not going to concern themselves with what the people on the other side of the negotiating table are looking for, but as an agent, you can probably understand exactly where both parties are coming from.
That puts you in the perfect place to see potential compromises that might make the deal work for both sides. Make sure you are constantly watching for these types of opportunities and presenting them when appropriate.
Keep Yourself Calm
When negotiating to buy or sell their home, your clients are understandably going to have a lot of emotions involved in their thought processes. But as someone who works through these types of deals for a living, you should be able to look at the deal from a much more logical standpoint.
Keeping yourself calm during negotiations is the first step in keeping your clients calm, because calm is contagious.
Remember to Take Your Time
Another tip that goes hand-in-hand with keeping yourself calm is making sure that you take all the time that you and your clients need before responding to an offer.
No matter where you stand on an offer, taking the time to relax and explore all possible counters can make a huge difference in getting a good deal done.
Be Comfortable With Walking Away
While the goal of negotiating is to get a deal done for your clients, you also have to remember that there are going to be times when a deal that is in their best interest just isn't possible.
To prepare both yourself and your clients for these situations, you should continually remind them that walking away from a deal is always going to be a better option than taking a bad deal.
Always Stay Optimistic
Just as calm is contagious, so is staying optimistic. No matter what circumstances your clients might be presented with, having a positive attitude is the number one thing that you can do to make sure that you help them through those situations and everyone makes it to the other side.
Showing homes and hosting open houses might be where an agent spends the bulk of their time, but the best agents can provide value to their clients during tough negotiations. By keeping these seven tips in mind at all times, you are already positioning yourself to be an outstanding agent that provides plenty of value for their clients.