Landlord Blog

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How to Close More Real Estate Deals

This is an article on how to negotiate and how you should act while negotiating. For a smart mouth and a calm mind is the key to seal a lot of real estate deals. If you’re doubting your deal presentation skills and negotiation methods then you’re just at the right place!

Keep reading and find out what you should do to get those houses bought and sold.

1. Believe in yourself

One of the reasons why a real estate deal doesn’t go through is when a buyer, seller, or real estate agent doesn’t sound confident. Because who trusts a person who isn’t sure? When you’re selling, buying, or representing a deal, state your terms and explain the situation clearly. Let them know you mean business. Be professional.

2. Keep it simple

The other side has done their research on the market. So have you and a client if you’re the agent. Don’t overwhelm them with information they don’t need. It doesn’t influence their decision-making. Complexity builds distrust. State your terms and explain why when they ask why.

3. Know the other party’s budget and timeline ASAP

If you were immediately presented with a house you can’t afford, would you buy it? Of course not. That’s why you should know how much your client or a buyer’s budget is before presenting a deal. As a real estate agent, you must find a house that your client can buy. If you’re a house seller, ask the potential buyer how long their timeline is for negotiations as this will help all sides properly arrive at a win-win agreement.

4. Always get to the point

In the world of real estate, everyone wants to buy and sell a house as quickly as possible. Well, except for the sentimental and unsure ones. But since we’re talking about deals at a professional level, don’t hesitate to create a sense of urgency because the other side wants the same as well. Aim to ask the question, “So, do we have a deal?” first.

5. Look for other properties as early as possible

A good agent or buyer knows how to make backup plans in case one deal fails to push through. For agents, you must have five backup properties if ever your client changes your mind. As a buyer, you must have more than three other houses in your sights as backup when a seller backs out on a deal.

6. Avoid closing a deal during or near holidays

No buyer, seller, or real estate agent wants to work during Christmas or Halloween. Everyone is busy setting up house decor, settling down, and celebrating. Close the deal before the season comes. Look at the timelines of other potential deals, call them and ask them, “Let’s close this deal before the holidays come.” Remember, get to the point and create a sense of urgency.

7. Invite the other party to say “No”

Influencing the opposite party of the deal to accept and say yes before they’ve decided builds nothing but distrust. You’ll also lose the deal in the process. Instead, tell them to say no. Don’t let them feel pressured but just a sense of urgency. Make them think they’re in control.

One way to do this is to say first that, “So, do we have a deal? These are my terms. We can renegotiate if you want but it’s better to close it before the holidays. The decision is still all yours. Call me if you have a counteroffer or agree on the terms.”

Be confident and direct. Talk of nothing else but your terms of the deal. Don’t explain anything unless you’re asked to. Listen to renegotiations to arrive at a win-win decision. Keep a list of backup houses to buy or buyers to sell your property to. That’s what makes a professional real estate negotiator!

Here are more related articles to improve your RE investment knowledge and skills!