Broker's Corner: Negotiation Tips For A Buyer's Agent
A strong market understanding, an eye for detail and also, being well-researched are some of the key traits an agent should possess. But, if you are a buyer's agent, there is another trait that is equally important as the three mentioned — negotiation skills.
Buyers hire an agent to get them the best property at the best price. While a buyer can tell the agent his budget, it is the job of the agent to find the right property and get it to them at the right price. So, how can you, as an agent, negotiate the best deal for your client? MakaaniQ shares some tips that could help you:
Before you begin to negotiate, make sure you have at least five comparable properties to put forth your deal. A thorough understanding of these comparable properties will help you negotiate with the seller's agent. Tell them the price that these are being sold at and how they can be a better bet or how the price those are being sold at is right. Based on these comparable properties, share the pros and cons of the property you are pursuing.
Create a rapport
A rapport with the seller's agent is a must to put forth your deal to them. A goodwill among the two will create a room for negotiation where the two parties can understand each other's views. Moreover, this helps in coming to a point of agreement.
Study the property
One of the easiest ways to negotiate on the price of the property is to find its weaknesses. For this, study a property wisely and find areas that are a weakness of the property. For instance, old construction, old fixtures, chipped walls, among others. Cite the loopholes and make an offer.
Understand the seller's agent
As an agent yourself, understand the position of the seller's agent, too. Know their motivation and what they are emphasising on when selling the property. Based on these observations, make an offer. Talk to them about how quickly the deal can be signed, or when the buyer is ready to make the down payment when signing the deal.
Got other plans
At times creating a plan B helps. Share with the seller's agent that you have another property at hand and you might consider it in case he cannot get the price offered. This could trigger the seller's agent to put in more effort as they would not want the property to go.
Also read: Is Your Builder Running Out Of Money?