If you're new to real estate, or don't have regular exposure to the workings of it, some real estate processes can be a little confusing. Now more than even buyers are looking to get the most for their money, and sellers are looking to get the most for their home, which means that on all sides there are parties that need to be prepared to handle demands and make compromises.
Negotiating the purchase of a home or investment property is a high-stakes decision, and often an emotional process, and that's why local experts like your Century 21 office staff are an invaluable resource. From years of real estate experience, your agent should be able to tell you that there are a few key things to keep in mind when negotiating in real estate. Here are a few of them.
Possibly the most important rule is know your limits. Decided in advance on what you are and are not prepared to be flexible on. Realistically the areas you're probably going to have to show some flexibility are price and timing of the move. But when it comes to price in particular, make sure you know your limits. It's easy to get carried away if you find what you believe to be the house of your dreams, but it can be not so easy to deal with a rash decision later! Make sure your real estate agent is aware of your parameters and talk to your agent to realistically set your priorities.
It's also wise to let your real estate agent do the talking. Well, most of it, anyway. Agents such as your local Century 21 expert are specifically trained in negotiating real estate transactions. Real estate agents know the legal implications and demands of the transaction, which are designed to satisfy your best interests. Agents also act as the third party in your negotiations, which means they aren't dealing with emotions and there is no chance of making an emotionally driven decision.
Finally, in the vein of compromise and demands, you need to know when to walk away. If the other side is not prepared to meet you part of the way in your negotiations, maybe the home (or the buyer) isn't the one for you. Don't give up too easily, but know when enough is enough and it's time to give it up.