When you are looking to buy or sell your home, one of the most important things to consider is how good you are at negotiating. When was the last time that you had to brush up on your negotiating skills? Was it at the car dealership? A conversation with your two year old about how many cookies she can have? Or at a tag sale? When you buy or sell your house, the negotiation skills that you need to possess in order to make the whole experience positive are increased ten-fold. You don’t want to be a negotiation rookie as you approach this important transaction. Here are the top negotiation mistakes to avoid in real estate transactions. Knowing these can help you can avoid being the rookie and instead carry yourself as the skilled negotiator that you deserve to be!
Letting Fear Take the Wheel and Drive
First things first, get “fear” out of the driver’s seat. Correct this mistake by practicing negotiations before the actual real estate transaction occurs. If you were learning to play football, you would not walk on to an NFL field during play off season. You would first learn to toss and catch a ball with your peers. The same is true for negotiation. Start small and work your way up to the big event, just so that you confront the fear that rises up inside of you at the start of each negotiation session. When you are buying something small from a local store, ask for the price that you want and negotiate with the store owner or clerk. Get to know that uncomfortable, fearful feeling, so that you can put it into the back seat.
Not Being Prepared
When you negotiate, a powerful tool that you can use is presenting facts to back up your offer and suggestions to the other party. You might not know it, but presenting facts can persuade the other party, whether or not the facts themselves are relevant. Just the fact that you seem confident and have something prepared will give you a leg up! Coming across as confident and knowledgeable will help you gain respect from the other party involved.
Often, we put ourselves second and others first. It is natural to want to please those around us, but this can get in the way when we approach home buying and selling negotiations. If you are trying to please the buyer or seller, you might not be clear about your own needs and goals. Put aside the people pleasing instinct by focusing on the validity of your own wants and desires.
Thinking That You Must Respond Immediately
Real estate transactions carry with them a great deal of emotion. The seller is hoping to get a certain price for their home and property, while the buyer is trying to get the best deal possible and stay within their budget. The amounts discussed are not small, but we often forget that. The buy/sell model that we see daily is one of quick transactions. Know that the real estate negotiation that you will be entering into will be very different than the transactions that happen for smaller items. It is good to take time between responses. It is perfectly okay to say, “Let me think about that and get back to you.”
If you’re interested in buying or selling real estate in San Marcos, contact The Damron Group REALTORS® to discuss your needs – we’d love to hear from you!