It doesn’t matter if you’re buying or selling your home, the negotiation process is often one of the most stressful and difficult stages to work through. During this stage, all parties must agree on a sales price, contingencies, who will complete certain repairs, and more.
While this process can certainly be a headache, here are a few tips to help you along the way.
1. Be Familiar With the Current Real Estate Market
Take your time to research the current real estate market and understand if it is a buyer’s market or a seller’s market. The current real estate market will help you determine how you should proceed during the negotiation process and when you are being offered an unfair deal.
2. Find a Happy Balance
One challenge of the negotiation process is knowing when to push too hard and when to hold back. You don’t want to negotiate a sales price or certain conditions that insult the homeowner. Find a happy balance and if you do not know how, talk to your real estate agent.
3. Carefully Evaluate All Contingencies
Contingencies are a safety net for buyers, but for sellers, they weaken the offer. If there are certain contingencies that you do not need, it may be in your best interest to get rid of them. During the negotiation process, evaluate all of your listed contingencies and determine which ones are must-haves and which ones may not be necessary.
4. Leave Emotions Out of the Transaction
The negotiation process can stir many feelings for both the buyer and the seller. For the seller, it can be difficult to see a property that holds many memories. Small comments, offers, requests, etc., can trigger hurtful feelings for homeowners. However, for buyers, if they have finally found their dream home, they can quickly become upset when the transaction may not turn out as expected.
Regardless of whether you are a buyer or a seller, it is important to leave all emotions out of the real estate transaction. When you bring them into the deal, it will affect your decision-making process and it could hurt your deal both now and in the future.
5. Work With an Experienced Real Estate Agent
The best way to tackle the negotiation process is with an experienced real estate agent on your side. You want a professional helping you make decisions based on important factors like the current market, your personal situation, and the other party’s counter-offers. Additionally, a real estate agent likely has no emotional ties to the property or the transaction, helping you make wiser business decisions.
Remember that when working with a real estate agent during the negotiation process, he or she will not make any decisions for you. Your agent can provide guidance and make recommendations on how you should proceed, but the final decision is up to you.
When you work with the team at AlpharettaZen, we can help you through this stressful and overwhelming stage. We know that the real estate transaction can be complicated and frustrating. We’ll help you work through it. Contact us to learn more.