Whether you’re faced with a buyers’ market in St. John’s or a sellers’ paradise in Toronto, ensuring your clients walk away from a transaction with the best deal possible should be your first priority. Here are Hanlon’s top three tips for ensuring your buyers get the best deal possible.
1 – Know the history
It’s not enough to just determine an adequate offer. Hanlon says agents should compile a comprehensive market analysis that considers days on market, comparable sales in the area and property upgrades.
In addition, Hanlon says agents should look at the area: Is gentrification under way? Is the property close to public transit and myriad other amenities? These things will increase the value of the property – and possible asking price.
2 – Know the sellers
Agents will need to practice subtlety here. Via casual conversation with the listing agent, try to determine what personal situation the sellers are facing. Why are they selling? They might be more motivated – and, therefore, more willing to compromise – if a divorce is the reason behind their listing the property.
3 – Educate your purchaser
Many agents know that body language plays a big part in negotiations. Are your buyers giving too much away?
Hanlon says it’s important that prospective buyers – and you, as their agent – not bring emotions to the table.
“Keep them calm if they’re around the (seller),” Hanlon says. “Make sure they know the agent does the talking.”
Veteran agents and rookies alike can benefit from a real estate refresher. This week, we talk negotiation with Debbie Hanlon, an industry pro with more than 20 years’ experience in the business.