How to Negotiate a Real Estate Deal like A Pro
July 11, 2024
Just the same way you need the expertise of an African mother to price a tuber of yam from five thousand naira to one thousand three hundred naira, you also need special skills and expertise to negotiate a real estate deal either as successfully as your mum after she has purchased that yam or as successfully as the seller of the yam who has grown a tick skin and would rather enjoy maximum profit and not eat into the profit margin. To negotiate a real estate deal like a pro, you need skills, expertise, knowledge, and strategies that you are probably yet to know but are in the right place to find out.
You need to prepare thoroughly. If you have not heard, it will interest you to know that not all African mothers can navigate exorbitant prices in the market. Some of them are able to effectively beat a price down by up to sixty percent because they know the market. They know that a tuber of yam was two thousand naira yesterday and, as such, cannot have increased by a whopping three thousand naira. A person who has probably not been to the market in months cannot confidently do this without any knowledge. Your key to preparing to close real estate deals is to research the property, the market, and also the seller’s motivation. On the flip side, a seller who purchased that same piece of yam for four thousand naira that morning would not sell it for two thousand naira to even the most prepared African mother. This simply means that you should always be aware of your property’s worth so you are not swayed by expert African mothers in the real estate market.
Also, set clear goals as a real estate investor. What do you want to get out of a deal? Do you simply want to get the property off your hands, or are you looking to make maximum profit? Define your desired outcome, including the price of your property and the terms of the contract. As a buyer, if you have already fixed a budget for the market, you cannot be moved to make a purchase that stretches your budget. If you are, you were probably not very clear in the beginning about what you wanted to spend in the market. And as a seller, if you have made up your mind on the price a listed property should carry, even a skilled negotiator cannot convince you otherwise because that would mean reducing your gains in the business. All you need to do is ensure that whatever goal you set is realistic and based on careful market research.
Despite what you may have learned and set your mind to, always remember that some situations will require you to be flexible, and as a skilled real estate investor, you have no choice but to indeed be flexible. You need to be open to creating solutions and ways out when the negotiating process is starting to stretch. You should also be willing to be empathetic towards prospective buyers and suggest ways out, as long as it does not require you to put yourself on the line. A buyer with a lower budget could be opened to other choices in the market that match their budget and not necessarily the particular property at hand.
In negotiating like a pro, make strong offers, use data and facts, conduct proper analysis of the property, negotiate with confidence, be patient and politely persistent, and always seek professional guidance. These tips will effectively equip you to negotiate and close as many deals as your real estate investment can carry. Remember to stay informed, be very decisive, and be open to working around new and unforeseen developments. In all of this, be sure to always remain as professional as you can be.