Negotiation Strategies for Buying a Home
A negotiation strategy is much different than a negotiation style. From diplomat to pit bull, everyone has their own specific style. However, the strategy used for negotiation the purchase of a new home should be based on facts: the real estate market when a purchase is being made, the actual property and the seller’s requirements.
Quality real estate agents, such as Colin Crowell have quite a bit of expertise when it comes to actual market value in certain areas. In many cases, agents who have been around for quite a while have seen all the different homes that have been for sale over the years. They are also used to working with other agents and therefore speak the same language. The primary reason that buyers work with agents is because they have the background and the information necessary to engage knowledgably through a fast and intense process.
So, does this mean you should not attempt to negotiate on your own? No, it does not. In fact, there are quite a few buyers who do just that. However, it means:
- You will have to do extensive research into the market as well as the property that you want to buy and the seller’s current situation
- Determining an appropriate negotiation strategy and a style that is based on that given information
If you want to handle the negotiation process on your own, or if you decide to go ahead and use the services of a real estate agent, it is still essential that you are informed. If you want to stay sane during the process, do the following:
- Do some research
- Ask questions all the time
- Be sure that your advocates understand your mental state, emotions and budget
- Find an agent you are comfortable working with.
Once you have made your decision of how you will proceed in making an offer, it is time to create a negotiation strategy. Just like the weather outside, the landscape is full you micro-climates, which means the market can vary from neighborhood to neighborhood. The first thing to figure out is if you are in a buyers or seller’s market – or a balanced marked where you find the most exciting bidding wars!
Once you know the market type you can work with your real estate agent to determine how much negotiation power you actually have. When it comes to getting a great deal on a home, it is essential to know what you have to work with and what you want.
When you are ready to hire a quality real estate agent, contact Remax real estate agent Colin Crowell. He understands how to achieve the best possible price for the home you want to purchase.