The art of persuasion can be used by both buyers and sellers in order to reach a happy medium and make a sale come to fruition.
The key element to negotiation and persuasion is to use the element of surprise. If you approach, negotiations in a bull-headed manner you can expected to be treated as such. “Seek first to understand then to be understood.” This motto is the principal that you need to implement should you ever hope of lowering the price of a purchase, or inflating the price of your sale.
From A Seller’s Perspective
The perspective of being a sales agent of real estate is a more difficult, but also, a more rewarding endeavor. Your biggest friend in negotiation in the real estate market is presentation. Christophe Choo, one of the best real estate agents in the world, uses real estate presentation to earn him millions of dollars.
We live in a society, sadly, where we judge a book by its cover. In the same sense, potential buyers are judging the house from the landscaping all the way to the color of the kitchen faucets. Color, cleanliness and professionalism is your biggest ally.
Also, know the history of the house, it’s previous residents and its history. For example, if you’re selling a house that was once lived in by a celebrity use this to your advantage. Buyers will be more than happy to pay a bit more knowing a certain celebrity or icon once lived there.
From A Buyer’s Perspective
Being a buyer, you have it much easier in the art of persuasion. The agent is there to sell to you, and you only. You can knock down prices when you see damages or changes that will need to be made in the future.
Always be on the lookout for potential costs on the property that may arise in the future from landscaping needs, paint, holes in walls and even insect issues. These are all tools that can be used to manipulate the market value of said property.
In conjunction with this, never appear to be needy or that this is your dream home. Much like any area of life, when you put too much emphasis on something it seems to slip from your grasp. Nonchalantly mention that you have other real estate options available to you for much cheaper than the current one. When the agent hears this he or she will be more obliged to negotiate prices with you.
As a buyer, the ball is in your court. Never get over-confident but never allow the agent to get the best of you. At the end of the day, it’s your decision.