Ready to buy a home? Wondering how to negotiate with a seller during your purchase? Try these five tips to get the most out of the process…
For many people, the word “negotiations” calls to mind corporate boardrooms and cheesy car dealerships. But when it comes to real estate, the bargaining table is the best place to make your wishes known. This is where counter offers are made, helpful discussions happen, and the stage is set for a smooth closing. Best case scenario? You walk away with a purchase price and set of home-buying conditions you’re truly happy with.
Of course, getting what you want during the negotiation process is no easy task. But with these five tips, you’ll be well on your way to achieving a great result.
1) Do your homework
It’s impossible to negotiate successfully if you haven’t done your research. That’s why a good agent is always prepared when they go to the bargaining table. They know the seller’s community, inside and out. They also know how much buyers have recently paid for similar homes in the area. This information is priceless. Pointing out that your neighbor got a much better deal than you’re being offered can result in a far more reasonable selling price—and more money in your pocket.
2) Know the seller
When we’re creating a negotiation strategy, it helps to find out as much as we can about the seller involved. Do they have to relocate quickly, or would they rather take their time moving? Is it convenience they’re looking for, or are they motivated purely by cold, hard cash? A good agent can often learn the answers to these questions through a bit of casual conversation. That’s good news, because once you know what a seller wants, you can put together an offer that truly appeals to them.
3) See the other side
Compromise is a part of life, and it’s certainly a part of the home-buying process. As much as we enjoy helping the buyers we work with get the best price possible, we also know that it’s not all about winning. It’s about making sure the purchase process is smooth—while coming to an agreement that ultimately works for both parties. The only way to do that is by seeing the seller’s point of view. Take it from us: the results are better for everyone when both sides work together!
4) Know what’s negotiable
Did you know you can negotiate for a lot more than a lower purchase price? If you didn’t, you’re not alone. Many buyers aren’t aware that they can ask for all kinds of things during the negotiation process. It doesn’t matter whether you want to have a major repair completed, obtain a later closing date, or keep those elegant light fixtures in the living room. More often than not, the things you’d like are worth asking about. Make sure your agent knows what a successful purchase looks to you—that way, they can put their efforts towards making it a reality during the negotiation process.
5) Find a negotiation expert
Unfortunately, negotiating isn’t the easiest skill to learn. Most people aren’t very good at it, and that’s okay. If you work with the right agent, they’ll advocate for you—and do so persuasively. They’ll know how to read sellers and their agents. They’ll know when to push forward with confidence, and when to hold back. Put simply, a professional with real estate negotiation expertise is someone you want in your corner during the home stretch of your purchase.
During one of the biggest transactions of your life, you should make sure that all of your needs are addressed. Start by knowing what you want—and finding an agent who can help you get it.
Ready to buy a home on Hilton Head? We have the experience and local market knowledge to help you through the process. Send us a message—we’d love to discuss your needs!
