Here are the three fundamental components that are required during the negotiation process:
1. Flexibility
A buyer needs to listen to what a seller wants and vice versa, and parties need to adopt a why not, rather than why should I mentality.
Doing this creates an environment whereby options are put forward and discussed rather than each side adopting a fixed position or viewpoint. By offering suggestions how to get a deal to work, it may open the door to a solution that hasn’t been considered by either party.
It’s important to remember that no property, buyer or seller are ever the same so every transaction provides each party with new possibilities and opportunities. A bit of give and take on both sides of the negotiating table enables the best possible outcome for both parties.
However, in the absence of an unconditional offer or where a unique property is involved, a buyers’ agent can put a strong case to the vendor why they should accept their client’s conditional offer.
2. Transparency
Be upfront early in the negotiation discussions. While price often dictates the outcome of a deal, sometimes other factors come into play which are equally important.
Disclosing the respective needs and wants of both buyer and seller early on, whether price, inclusions, preferred terms or whatever else is important, enables maximum time to make a deal work or allow the parties to move on.
A buyers’ agent can educate and help their client consider various options that will potentially make their offer more attractive to the seller. For the right property, within reason, a buyer will do what it takes to make a deal work.
Likewise, a selling agent can also talk to the vendor about why it is in their best interests to think outside the box. If the seller is reasonable then nothing should be off the table in negotiations.
3. Focus on the outcome
Transactions involving a selling agent and exclusive buyers’ agent is simply two seasoned negotiators working towards an outcome for their clients. This is no more complicated than someone wanting to sell or buy a property.
As long as this remains the number one focus throughout negotiations, both sides should end up with an outcome they are both happy with.