SECRETS TO REAL ESTATE NEGOTIATING FROM A TOP AGENT
- Are there any other offers on the table or serious interest from other parties? (this will tell you if you need to be aggressive and quick with an offer or are safe to take your time and slow play it)
- Can the seller accommodate a quick closing? (regardless of when your buyer wants to close, ask this question. The listing agent will probably tell you if they already have a house, need to find one etc. You can use this information to your advantage by accommodating their closing needs.
- Have you received any offers that the seller has rejected? I don’t want to waste anyone’s time. Several times a listing agent will go right into past offers that have been received and give me valuable information to help me craft my offer.
Tips when Representing the Seller
- 1st – state that there is serious interest even if there isn’t. Don’t ever tell a buyer’s agent there is no interest in your property. It will give the agent or buyers the impression that no one else thinks your listing is worth buying.
- 2nd – reveal that another buyer is interested with a few key details to make your story believable. Some would call this a little white lie, I call it negotiating. My favorite line is “there is a young couple coming through with their parents for a second look.” This implies that the buyers like it and are simply seeking another approval before submitting an offer.
- 3rd – provide a deadline. If the agent calls on a Tuesday, I will add that this second showing is taking place on Thursday. This gives the current buyer 48 hours to submit a strong offer and have it accepted before risking going into multiples.
- Option 1: $250,000 sales price. Seller agrees to pay $5000 towards closing costs. $1000 towards a home warranty. $2000 towards title insurance.
- Option 2: $242,000 sales price. No concessions.