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How Real Estate Negotiation Works

by Guest on May 25, 2012 General Property 946 Views

Real estate negotiations can work in a multitude of ways, there are a lot of great ways to successfully close the deal and sadly, there are still a lot of bad ways to go to a bad deal and that is something that all of us aim to avoid as much as possible.

There are a lot of books and e-books littering around the Internet where people can use and read and even learn how to close deals and how to successful negotiate real estate deals. Be wary though as there are some unscrupulous individuals who might give off some really bad pointers and wrong ideas to close and deal with clients in the real estate business.

On the opposite side, there are lots of great ideas that can fill over two or more books. If you look at some autobiographies and some books published by successful real estate tycoons like Celebrity Apprentice big boss Donald Trump and Sam Zell, you will notice that they use various methods and approaches when doing their real estate negotiations.

Here are some tips that you can use if you are a real estate agent or broker to successfully close real estate negotiations or deals:

1. Hear them out – it is important to let the person you are dealing with speak first and it is more important to hear them out if you want to successfully close any and all real estate negotiations. Listening gives you a lot of clues and cues with regards to what they would really want and helps you gauge what counter offer you can give.

2. Information is Important – Doing your homework before a particular meeting can make or break a real estate negotiation. It would not kill you to look into the likes and the dislikes of the client, the middle man and all the other people involved from the other side of the deal. Ask any successful real estate agent and they will tell you that getting the good side of the clients can do you wonders.

3. The Power of Persuasion – persuasion is a powerful tool that must be utilized by real estate agents that want to make it big in the future. The persuading power is something that cannot be learned and mastered overnight. It needs a lot of study and a lot of practice. You will know that you have successfully become a powerful persuader if you notice that people do what you want without realizing that it is what you want, you’re powers of suggestion will play a big role in reaching for you’re goal and role.

4. Be Hard – Sometimes, being hard in a negotiation is one of the things that is the hardest to do. This is because there are lots of things that may not be favorable to you but is definitely favorable for the other party. Sure you can go and give in to a few of these demands but there’s definitely a line in the sand so to speak that should not be crossed. When doing concessions with the opposite party, it would be a good idea to make them fear the idea of getting a better concession especially if it will cost them more or if they stand to lose.

As you can see, negotiation is an art, and you are the artist. And like any type of art, it requires a lot of learning, experience and skills to become the best artist in the industry that’s as thriving and as old as the civilization itself.

Article source: http://www.appraisalarticles.com/General-Real-Property-Topics/3208-How-Real-Estate-Negotiation-Works.html