What negotiation tactics are most useful?

The negotiation is, in truth, a task in charge of your agent, who will have great experience in carrying it out. That said, it is important that you are clear about your strategy, in conjunction with your agent, before they make that counter offer. Here are five ways you can get a better deal:

1. Do not get carried away by emotions. It's easy to get sucked into the emotional bond you've formed with your home. The backyard could be the place where you held your wedding. And that cozy office could be the birthplace of your small business. But it's important to keep all those emotions at bay. And treat the operation as what it is: a commercial transaction.

2. Be clear about the minimum value you want to obtain. Before moving forward, you must have this information very clear, so that your agent does not lose sight of it during the negotiations.

3. Negotiate an offer that is as “clean” as possible. It is important that the offer have as few contingencies as these are conditions that give the buyer the opportunity to back out of the deal. But buyers who contract mortgages cannot waive some of them, such as appraisal, inspection or financial contingency, because normally a mortgage credit institution will require them to approve the loan that will allow them to acquire the property. Still, if you have multiple offers, you may be able to persuade one of the buyers to waive certain contingencies, such as radon or termite inspection.

4. Offer a home warranty. In a buyer's market, a low-cost way to make a deal more attractive to a buyer is to offer a home warranty; This is a plan that covers the cost of repairing appliances and other home systems, such as the air conditioning or heating system, if they break down within a certain time frame (usually one year after closing). Buyers love this extra protection, and the standard one-year basic warranty will only set you back $300-$500.

5. Don't miss the closing date. Typically, the sales process, from accepting an offer to closing, takes 30-60 days (sometimes a little longer). But in most cases, the quicker you can close the deal, the better, especially if you need cash to buy your next home. However, a shorter closing period always has to be feasible for the buyer, and some types of home purchase loans take longer to obtain than others. Instead of starting a bidding war, ask all buyers to come back with their “best and final” offer by a certain deadline (for example, within the next 24 hours) and then choose the one that is best for you. .

Estee Soto

Estee Soto is a real estate agent with eXp Realty, a certified mentor and eXp Latino ambassador, and the CEO and founder of TagCrush LLC, an all-in-one digital marketing platform for real estate agents. She leads the TAGHOMES team, specializing in luxury properties, new developments, and international buyers across Florida.

More information about Estee Soto HERE