Real Estate Negotiation: Top Tips from Local Danville Real Estate Agent

Closing on your home can often be nerve-wracking and stressful. A lot can happen, from concerns about the home's condition to complications with negotiations. That is why it is beneficial to have a Danville agent skilled at communicating and helping you achieve your goals. Whether you are buying or selling a home, your agent will expertly negotiate on your behalf so that you can get top value out of your real estate investment. Read on for John DeMarinis’ top six real estate negotiation tips.

 

When negotiating, knowledge is power. That is why a real estate agent skilled in negotiating needs to have as much information as possible. Whether you are buying or selling, your real estate agent will perform a comparative market analysis, showing the value and condition of similar homes in the Danville area. Your real estate agent will also determine the current condition of the Danville housing market. For example, when Danville is in a competitive seller’s market, this means the sellers have more options as there are more buyers available. Buyers need to consider offering a higher down payment or other financial incentives to help their offers stand out from the competition. However, if Danville were a buyer’s market, there would be less competition, and sellers might be more anxious to sell quickly. In this real estate climate, buyers might be able to make a lower offer and make fewer concessions.

Your Danville real estate agent will also listen to you to find your must-haves and non-negotiables. For instance, if you are buying, consider if you would like a credit toward closing costs or home repairs and which appliances and even furniture you would like to remain in the home. As for sellers, consider the price range you would like to sell and the timeline under which you wish to operate. Knowing your must-haves and non-negotiables can help real estate agents know when to stop or to ask for more when negotiating.

 

If you are a buyer, you want to be able to distinguish yourself from the competition. Sellers often have no way to distinguish one buyer from the next. By meeting sellers face-to-face, you will no longer be just a number. Sellers can see you and react positively to your facial tones and body language. Furthermore, face-to-face interactions are more likely to result in favorable outcomes than meetings held via phone. You will ultimately gain trust, which means that it is more likely that sellers will choose you.

Sellers also can benefit from meeting their potential buyers face-to-face. While selling a home can often be a liberating experience, it can also be emotional. Meeting the people who might live in your home for many years can put your mind at ease to know that your home will be in the best hands. Furthermore, you probably already know the type of family that would best fit your Danville property. Meeting the prospective family can confirm that they are the right people for your home.

Perhaps the most important thing to remember when beginning any negotiation strategy is to find commonalities. For example, buyers and sellers have the same goal: to close the sale quickly. Consider creating a list of things the buyer and seller can agree on. As for the specifics, you might have to either compromise or offer contingencies. Seeing what you have in common with the other party can make everyone involved feel optimistic about a positive resolution.

 

Perhaps the worst thing that you can do is to list out all of the things that you disagree with without offering any solutions. Doing so might make you appear uncompromisable and negative. Try to offer solutions instead. For example, if the home inspection report indicates possible roof damage, consider asking a question to solve this potentially problematic issue. For instance, you could ask about the cost of fixing the roof damage and whether it can be deducted from the closing price. By phrasing it this way, you are offering a way to fix the problem rather than simply being accusatory. Remember that buyers and sellers have the same goal of closing quickly with minimal issues.

Many real estate agents often say that you should focus on the facts and not show extreme emotions such as anger or sadness while negotiating. However, you can ultimately show trust and understanding by strategically conveying emotions during the negotiation process. The key to doing that is listening to the other party, ultimately validating them. Furthermore, you need to be able to show empathy, which will help clear the way toward understanding their position. Finally, by summarizing what was said, you will confirm and show your understanding of the situation. By strategically listening and showing empathy, you will help to build trust, rapport, and ultimately a successful closing.

Perhaps the most important rule is to be nice and polite. While you don’t have to be their best friend, you should follow basic courtesy mandates when negotiating on your Danville home for sale. In addition, always smile and have a positive attitude so that the other party will feel immediately at ease and validated. Remember that they are not the enemy and want to work with you to come to a successful conclusion on the home sale.

Whether you are interested in selling or buying a home, you might have to negotiate with the other party to get maximum value on your real estate investment. Consult Danville real estate agent John DeMarinis for a negotiator you can count on, as John has nearly twenty years of experience in the real estate industry. As an expert negotiator and Realtor, John can help you sell or buy your dream home in Danville so that you are delighted with the outcome.