Negotiating an outcome

What an amazing few days!  While we all wait to find out who will be our next Prime Minister the events of recent days have highlighted the power and results that can be achieved through good negotiation.

Obviously the major political parties and the Independent MPs are negotiating for their own political future, the good of the nation and the people of their electorates. In real estate terms the negotiation is usually focussed on the single issue of price, but that doesn’t mean the process is any less intense or important for those involved.  The stakes can be high.

The key point to remember is that any negotiation involves both sides demonstrating a willingness to talk with the intention of trying to reach an outcome acceptable to both. When buying or selling a property that means knowing in advance how flexible you can be on your price but also giving consideration to other areas you can use to negotiate.  For example can you offer an extended settlement or a quick settlement? The size of the deposit on a property is another sensitive issue that can be offered as a point of negotiation as can the inclusion of furniture and fixtures.

Talk through all possible options with your real estate agent before the negotiation begins.  One common tactic in negotiating is not to place all your cards on the table upfront but it is important that you are open and honest with your agent so they can represent your interests with integrity during the process. The most important point when entering a negotiation is to be clear on your boundaries before you start.  Negotiations usually take place in a high pressure environment so you need to be confident enough in your decisions that you can hold firm as the pressure mounts.

Remember, most negotiations involve a compromise of some kind but with the right agent on your side and the right preparation you will be able to achieve the right outcome.

Next week……The dreaded question of real estate