When Negotiating a House Deal

Authored By: Sameer Panjwani

In almost all our business dealings, negotiating is a key process. In clichéd terms, its the art of making sure that you get the best deal in the best manner possible. Whether you are buying or selling a house, in the real estate business, negotiations are inevitable.

When you've finally found the right buyer or the right house you want to purchase, its time to get all your hidden tactics out to settle the deal on terms that are suitable for you.

However, there are some basic pointers you should keep in mind to ensure that the deal falls through smoothly.

Comparative market analysis of homes in the area- Get your agent to check the selling prices of the other houses in your area. Since location is one of the thumb rules of real estate, its important to check the value of your house with respect to those in your locality. While negotiating, this piece of information will prove to be beneficial to both the buyer and the seller. You can use your facts to justify the rate at which you're selling or to prove that you are actually offering a lesser rate. Or if you're the buyer, you can use the numbers to validate the lower price you are asking for.

Play poker - You don't have to actually bluff but you have to learn to keep your emotions in check while negotiating a deal. Displaying your extreme eagerness to settle quickly, may be the easiest way to have someone take advantage of you. It is essential to conduct yourself calmly during the negotiation process.

Mention your other options- Speaking of other prospective buyers or other houses you're looking at will play to your advantage. It always helps to let others know that you have other alternatives during negotiations.

Time factor- Proposing to settle as soon as possible will play a major role in clinching a deal. If you're willing to buy a house immediately and settle all formalities at the earliest, odds are that the owner may favor you over his other options. On the other hand, if you're the seller, offering to close the deal sooner may give you the advantage of negotiating on the price.

Including items - If there's a major hitch while trying to settle on the price, just include some movable items or appliances. This will help in settling for the price you want.

The above are all crucial and must be kept in mind. But it all boils down to your understanding of the other party and being creative in your negotiating style. Make sure you don't put the other party in an uncomfortable position and drive them away entirely. But once you've reached a settlement, make sure that all the terms and conditions are documented to prevent any misunderstanding later.

Sameer S Panjwani - ChoiceOfHomes.com - Online real estate portal helping with home selling and rentingonline; Statistical Forecasting

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