Every estate agent goes through a learning curve, where they acquire knowledge and hone certain skills. Administration tasks such as drafting contracts and taking pictures of the house are relatively straightforward.
However, negotiation requires more skill and practice. The negotiation takes place face-to-face or over the phone. Some people conduct lengthy negotiations by email.
Any agent who wants to succeed in business must know the basics of negotiation in order to convince potential buyers to part with their money.
There are several negotiation skills that an estate agent can refine over the years.
Think About The Objections That A Potential Buyer Will Have
Prior to any negotiations, the estate agent working on behalf of Jose Real Estate writes down all the objections that can arise during a negotiation.
The minor objections include “the garden is too overgrown to justify the asking price”, but sometimes more serious objections relating to the size will be given. An estate agent should know how to negotiate tactfully in this situation so that the other person agrees to buy the house.
Gain An Insight Into Why The Buyer Is Interested
An agent needs to understand what motivates the buyer who is trying to purchase a property, and this information can be gleaned with a few simple questions. This buyer may not have the finances to match the asking price, but they could have a passion for the property that matches the expectations of the owner.
Owners are very protective of their homes and want to have a good feeling about the person who is making the purchase. Agents have the best interests of the sellers at heart.
Know Why The Owner Wants To Sell
The motivations of the owner will influence how the estate agent performs the negotiation. Buyers may want to gain as much money as possible from the sale, which means that the estate agent will try to convince potential buyers to raise their offers.
However, owners who are looking for a quick sale may instruct the agent to accept nearest offers to the asking price. In this case, the agents will not need to convince potential buyers to raise their offer.
The children of the deceased owner may be selling the house for a low price, and do not want to have a drawn-out process with complex negotiations. It is convenient if the sale is completed quickly, so the agent will not have to negotiate strongly with potential buyers.
Every good negotiator needs to have a large amount of patience because most negotiations will take place over a matter of weeks. A negotiation is a delicate process and potential buyers can seem like they are about to pull out until the agent convinces them not to do this.
Closing The Deal
An agent has to combine several skills during a negotiation. House sales are successful when the agent is persuasive and understands the motivations of the buyer.