The Art of Negotiating Real Estate Contracts

The Art of Negotiating Real Estate Contracts

As a realtor, you can get a lot of enjoyment out of negotiating real estate contracts, or you can have a terrible time. It all depends on your technique. While some agents seem like total naturals, others have to work hard to make deals work. Some realtors like to convince buyers with a good sales pitch while others prepare great contracts and let those speak for themselves. No matter what you style is, there are good and bad ways to approach contract negotiations.

Emotions can always get in the way of a good negotiation. If you're negotiating with another agent for the contract, remember to keep calm and focus on details and facts, not your feelings. If you lose your cool you also risk losing the contract because you won't be able to focus on delivering a detailed sales pitch that elegantly describes all the benefits of the home you're selling or he deal your buyer is offering.

Another big tip is to avoid talking too much, or over-selling. Remember that you can learn more and put yourself in a better situation by asking questions rather than giving all your own information away. You might actually mention something that you think is positive only to find that the buyers are turned off. Let silence work for you and don't worry about filling gaps in conversation with chat and information that's irrelevant or even damaging.

Prepare yourself before you go in to negotiate. Make sure you have all the information that the other side could possibly want to know, and don't worry about spending too much time preparing yourself. Know your facts and know what your client's needs are. If you are fully prepared, this will build your confidence in delivering a clear and concise deal and you'll be able to negotiate from a strong position where you're much more likely to close in your favour.

Asking questions puts you into a position of power because it means that you are controlling and directing the conversation. You can use this strategy to avoid discussing the lesser details of the property and instead focus on the short-comings of the other party to the negotiation. Make them answer and try to make excuses. By controlling the conversation, you can help to build a better case for your buyer or seller.

When you can become more prepared, confident, and comfortable in your negotiations, you're going to find yourself closing deals better than ever before.

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