Good real estate negotiating is built on clear, open communication. Often times two separate parties on opposite sides of an issue will worry about what the other side might want, might say, might react to. A good deal of undue stress in negotiations comes before you even begin talking to the other side. This is unneeded and unhelpful.
First, understand your own position and desires. It is difficult to get exactly what you want in a negotiation if you don’t know exactly what that is. What do you want out of this deal? In real estate transactions, “money” is most often people’s immediate answer, but you may find that there are other, more valuable outcomes you can get: time, flexibility, or maybe that antique flagpole in the front yard. Getting creative in negotiation almost always unsticks a sticking point and moves the deal along.
Then, listen. You know your own wants. The other side is no different. Often times, what two sides want aren’t even the same thing and the deal can be resolved easily. Those kind of “win-wins” happen more often than you think. In situations where all parties desire the same thing, you can all mutually recognize that fact and then think of alternative ways to make everyone happy. In the many years of real estate negotiations that I’ve seen, the owners, buyers, and agents who walk away happy are the ones who try to make the other side happy, too. Click here to learn the details.
Let’s look at some specific questions sent in by DearMonty readers from across the country.