Real estate agents are experts at marketing and selling property. They are also experienced negotiators with plenty of practice. The more they sell a property for, the more money they make.
Love them or hate them, when you consider that their single focus is looking after their client (the seller), it is hardly surprising they will rub other people the wrong way. The unfortunate thing is that if you want to buy a property you have no choice but to deal with them.
Shelley Horton, founder of buyers agency, Albion Avenue, shares her top five tips that will enable you to hold your own when it comes to dealing with real estate selling agents.
1. Find out what the seller wants
Finding your dream home is actually the easy part. It’s what you do next that counts. Once you have decided on the property you want to buy you need to give yourself the best chance of securing it over the other would be buyers. To put yourself in the box seat, find out from the sales agent what the seller wants. While price is usually the main negotiating factor, sometimes timing or other terms can be negotiated to your advantage. Make a point to find out what the seller wants and match your offer to best meet their needs.
2. Let your guard down
By sharing select information with the selling agent about your situation you might be pleasantly surprised at who will become your new best friend. While you don’t need to disclose your maximum budget or details about your personal circumstances, there are certain things you should definitely let the agent know. Let your guard down a little and make a point of telling the selling agent you have your finance approved, are actively looking in the market and are ready to buy for the right property.
3. Do your homework
When you find a property you like do your research on price. Make sure you know what the property is worth and how much you should pay for it. That way you can get straight to the point when it comes time to negotiate. By making a realistic offer you will know sooner rather than later if you’ve booked yourself a seat at the negotiating table. You can wrap up negotiations quickly and before anyone else when you make an offer that is close to what the agent and seller knows they should get.
4. Don’t make it personal
Emotion is one of the biggest roadblocks that can prevent negotiations being done. It can cloud your judgement, divert you from achieving your goal of buying the property and can stop you from getting the deal done. It’s important to remember that a selling agent’s job is to get the highest price for their client (the seller) and sometimes that means they will rub you and other buyers the wrong way. Don’t mince your words just deal with the facts and always be respectful.
5. Be willing to walk away
If you’re looking to buy a property and you have done your homework, logic should tell you what is the maximum upper limit you should pay. It’s important you don’t go beyond this and spend above your means. The stakes are way too high. Be prepared to move on and start over if need be. The worst thing you can do when it comes to buying a home is pay more than it’s worth.
Good luck negotiating. If you follow these few tips you might be surprised at how soon you get your weekends back and become a happy home owner.