Since we first started owning property, there have been two undeniable truths: buyers always want the lowest price, while sellers want the highest. Whichever end of the property transaction you’re on, it’s vital that you know how to negotiate.
Luckily, you’ll rarely have to go through the negotiation process alone. Your real estate agent is there to support your side of the transaction and to use their expertise to secure you a successful deal. Here are some of the ways an agent can help you with negotiating.
1) Being objective
Selling a house you’ve owned for twenty years can be an emotional and stressful experience, especially if you’re also balancing a high-responsibility job at the same time. Equally, if you’re a buyer who’s been scouring the market for a while, finding your dream home can add high emotions into the mix. However, for a real estate agent, your family home or dream property is just a house. They can view and approach the selling process with objectivity and guide you through the procedure without any distractions.
2) Timing is key
Having an real estate agent conduct your negotiations means that you have their knowledge and experience on hand. They know how long to leave offers on the table for and how quickly they should snap up a deal when it’s offered. If you have time requirements on your sale, let your agent know so they can take this consideration into account.
3) A figure of authority
As a trusted third party, your real estate broker is there to enact your will and follow through on your decisions. They hold a level of authority in their actions that private individuals can’t match, and therefore have more influence when there are things like repairs, concessions or small delays in the process to request.
4) Expert knowledge
One of the most reassuring things about having a real estate agent perform your negotiations is that you know you have an expert fighting your corner. They should have an extensive knowledge of the locale and about the type of property in question, so they’ll know when the price is right. They’ll equally have already got the scoop on potential bargaining factors like seller motivation, neighbourhood statistics and the property’s history.
How to choose a professional real estate agent
The successful purchase or sale of a property can often depend on the quality of the agent you choose. Ask around for a recommendation from friends, or choose an agent who is listed with a professional body, such as the NAEA (National Association of Estate Agents) or RICS (Royal Institute of Chartered Surveyors).
While the majority of agents will have your best interests at heart, we always advise doing your homework to make sure you have the right one for you. Read more about protecting yourself from fraud and making sure you find a trustworthy real estate agent.
At Engel & Völkers, we’re renowned for our experience in negotiation and international property sales. All of our agents are professional, transparent and reliable. Find out more about Engel & Völkers and our agents. If you’re looking for a career in real estate, browse our list of must-haves here and apply for a job on our career page.