Buying and selling a property is perhaps one of the most emotional and demanding experiences one can undertake. Vendors should seek to employ an agent who can act as an intermediary. They need to also be able to devise an airtight agreement prior to the sales campaign. To facilitate a smooth sale, the agent should endeavour to negotiate an agreement that works to benefit all parties; achieving the best end result for the vendor whilst ensuring the contract accommodates the buyer.
Find your local expert
The first step in laying down the foundation for a successful negotiation process is selecting a real estate agent that understands your area’s demographic. If they understand your targeted demographic, they can market to it. This includes selecting the method of sale, the timeframe for settlement and the amount of deposit required that appeals to your property’s demographic. For example, requesting a larger than average deposit for a property which is of interest to first time buyers will alienate a number of potential purchasers. Agents using a cookie-cutter approach will not guarantee the best return on investment for the vendor, where-as a bespoke campaign is far more beneficial at gaining the best end result and can better negotiate an agreement.
Agent awareness and communication
Clear communication is vital at every touch point throughout the negotiation process. It is critical that both the vendor and the buyer are aware of their position and clear communication will ensure the sale goes smoothly. The chosen agent should possess excellent interpersonal skills, enabling them to read the potential buyer and then advise the vendor on the best possible course of action. An agent’s responsibility to his vendor is to understand each party’s motivations and emotions and advise and mediate to ensure the best result for all.
Financially savvy agents pay dividends
It pays to check that your agent possesses a sound knowledge of financial management in real estate. This knowledge of how issues can arise, and perhaps more crucially, how they can be worked through, pays dividends when negotiating a deal to ensure both parties are mutually benefited and the sale goes through. For example, if a vendor has sold but is yet to purchase a property, a deal can be struck with the buyer that allows the vendor to stay in the property until their accommodation has been secured.
Vendors should also seek to employ an agent who has comprehensive knowledge of property law and is adept at ensuring all paperwork is filled out correctly. This will guarantee all parties have an understanding of the legalities of the contract which may ultimately save time and money later down the track.
If an agent does properly negotiate an agreement that works for all parties, both the buyer and seller should feel like their financial needs were met.