SYNOPSIS:
Buying or selling a home is never easy. Many people
tend to find themselves intimidated by the process
or concerned that they will not get the best deal.
A recent Wall Street Journal article shares good tips
on successful homebuying and selling negotiations.
There are several simple tips to keep in mind when
buying or selling a home. First, you need to learn
these critical core principles: Convince, Collaborate
and Create. According to an article published by the
Wall Street Journal,
Convince refers to changing the way the person you’re
dealing with sees things.
Collaborate involves both sides changing the negotiation
focus to one of problem solving.
Create takes a fresh look at how you’ve done
things in the past and coming up with more effective
ways to achieve your objectives.
Now, in addition to these principles, it is important
to remember the following tips when you are ready
to buy a home:
· Do your homework.
Studying and understanding the market where you want
to buy is invaluable. It is important to pay attention
to how quickly houses are selling and for what price
similar properties are going. If the market is “hot,”
you need to be ready to buy immediately, as good houses
won’t stay available for long and you may not
have a lot of leeway on the price. If the market is
slow, you know you can afford to browse and haggle
about the price.
· Have vision.
When you look for what others cannot see, you are
bound to have an advantage. A broker who sells condominiums
and co-ops on New York’s Upper East Side, Lisa
Brown, says to keep an eye out for “a well-priced
property that’s poorly presented.” If
you are willing to renovate or put in a little elbow
grease, you will have an edge in the market. Keep
in mind, however, that major problems with a house,
such as structural defects, cannot be solved by decorating.
· Try to remain impartial.
Remember that when you fall in love with a property,
it is almost impossible to negotiate well because
you are unable to walk away. All of the preparation
and vision in the world are no substitute for the
powerful position of being able to say “no”
if necessary.
When selling your home, you should try to accomplish
the following things:
· Price your home correctly.
As with buying a home, you should be familiar with
the market. If your house is too expensive, buyers
will not be able to justify the price. On the flip
side, if you price your house too low, you won’t
have room to negotiate when someone is serious about
buying. People expect to bargain in real estate transactions,
so be sure to set your initial asking price at a slightly
high, but reasonable, level so you have room to bargain.
· Create a competitive
atmosphere around your house. Buyers will
feel differently about your house if they think they
have competition. Also, if you can get more than one
buyer interested in the property, you may end up with
a bidding competition on your hands, which will result
in a higher selling price!
When you learn the above guidelines and always remember
the Convince, Collaborate and Create principles, you
will always feel at ease when making real estate transactions.