TOP THREE C'S WHEN NEGOTIATING REAL ESTATE CONTRACTS I LOVE USING COUNTER OFFERS
It would be much easier to take boxing champion Ali's stance to just beat the other person into submission. However, there are other ways to close deals when it comes to real estate. I believe the art of negotiation is lost in our industry. I see it every day when I write offers on properties. The listing agent comes back to inform me that the seller has accepted another offer. What about a counter offer? I list many homes because I assist many real estate investors to Phoenix Fix and Flip a House. So, there always be something to counter offer such as price, closing date, title company, closing costs and who pays for what when negotiating a real estate purchase contract.
I was in a real tough negotiation this week with a buyer agent. He tried to play hard ball with me. This is not my first rodeo, Son. A great Realtor will always remember the 3 C's in negotiations:
- COMMUNICATE
- CALM
- CLOSE
The buyer agent sent over his final counter offer number two. He stated the buyer is not willing to go any higher. Well, I know this buyer has been looking for a property becasue the same agent lost out on another listing I had to another buyer. Plus, he informed me earlier that he does not want to take the buyer out looking for another house. He was giving me more clues that the buyer really wanted the home.
I went back to my 3 C's in negotiations. I said I will talk with the seller at six o'clock when he gets off of work. We had a nice conversation. Buyer agent calls me at 6:06PM to ask if seller accepts final and last counter offer. I informed the buyer agent that the seller would like to counter offer on a few items. The buyer agent was shocked. Now, he turned on his "LET'S GET THIS DEAL DONE." I was able to write up counter offer number on which both sides agreed to with both signatures on the counter offer three. Escrow will be open the next day.
The Seller was getting impatient. He told me the following "Harry, just make it go away."
DONE DEAL WITH DELIA
Make the Call, Set the Plan, Do the Deal$!
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Calm is my favorite one of the 3- this is a stressful (but hopefully positive) time for our clients and it really does help if at least the agent is calm, cool, collected and thoughtful during negotiations!
Ellie one grows better negotiation skills after being in this industry over the years. We all want to get the deal done. Slowing things down and really coming to a happy medium. The goal is to close the deal. There are times when you have to give in to close the deal. Just move the inventory.
Harry,
So true. Working off of the cues we are given as Reltor's is critical to negotiating what is best for our clients. I have really enjoying honing this skill and feel this will help me continue to thrive in the years ahead.
Nice short and simple of how to negotiate.
All the best, Michelle
Michelle listening to the other other Realtor and reading between the lines has helped me close more deals when negotating. Keep closing deals.
GOOD MORNING HARRY! I think if we communicate from the start - the rest naturally happens. I have to remember calm today - after a day like yesterday trying to get one offer submitted to an REO company here - whew - if it's this tough to communicate from the beginning - it will take a lot of calm to get to close!
Gab-I feel your pain when dealing with REO agents. There are some good ones out there. Let me know the outcome.