365 Tips To Becoming A Successful Realtor®
Tip #3 - Negotiations. There Are Things That Are More Important Than Money
Sometimes real estate agents fall into the trap of believing that money is the only important thing to their clients. That surely would make things much simpler but it simply isn't the case.
When writing an offer, it is valuable to try to understand what is important to the seller. Do they need to move quickly? Do they want an "As is" deal? Are they hoping to sell now but live in the home for a few extra weeks? Knowing their motivation will help you to craft the offer that is most likely to be the one that is accepted. Writing an offer that creates a Win-Win situations is often the one that will be accepted and will be the best for your client.
How Do You Find Out What The Other Side Wants?
Ask! When one side has special needs in a transaction, the other agent will generally be very free with the information. Structure some questions for that agent and pick up the phone to find out what it will take to close a deal. Here are the top three pieces of information that I want to know before I ever write an offer:
1. How quickly would your clients like to close?
2. Do you think there will be anything in the inspection that my clients might be concerned about?
3. Is there anything else that I need to know about this deal?
The answers to these questions will quickly get me to place where I can write a strong offer that will meet everyone's needs.
Mark Hall
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Very good point. It is easy as a buyer's agent to get caught up in only your client's needs and not pay attention to the fact that finding out about special considerations of the seller can actually be in your client's best interest and make their offer stand out. It probably shouldn't matter to a seller who buys their home, but many times it does. We had a farm listed and it was important to the sellers that it continue to be used as a farm. The buyer's agent asked many of the questions you listed. In the end, his buyer submitted an offer along with a bio of herself and photos of the goats she had raised. Needless to say, her offer was the one accepted.
This is all dialed down. Great info for successful realtor 101.
Mark, Have you got a publisher? These 365 articles would mke a great book, calendar, something. The first three posts are well written and informative. But thnk you for giving this valuable infrmation to us.
You are so correct when you say that money isn't everything. I've had people be happy over a rose bush, that simple rose bush kept a buyer from walking. (The sellers really didn't care that much about it, but the buyer thought the curb appeal of that bush is what made them buy the house) Didn't ask for a repair on inspection, no price reductions, just a rose bush. Ask what is important and you shall receive.
Mark, This article highlights the important aspect of negotiations! Know what's important to each side. I always ask my clients for their make-and-break wants and needs before entering negotiations. And, of course, I ask the agent on the other side what's important to their client.
Mark - always good to remember that there are more things the the price involved, for both seller and buyer!