Princeton Town Topics – Let’s Talk Real Estate – February 24, 2010
SECRETS OF SUCCESSFUL NEGOTIATION
Every real estate transaction requires negotiation. Many factors are written into a home purchase contract, including price, terms, inspection dates, appraisal and settlement, and what personal property will be included or excluded from the sale. In coming to terms on these issues, the needs of the parties involved are likely to conflict at some point. The willingness to compromise is the key to a satisfactory resolution.
The foundation of a “win-win” negotiation is that no one expects to triumph at the expense of the other participants. Both buyer and seller must be clear about their priorities – which points of the contract they will remain firm on, and where they can make some concessions at the bargaining table. In an atmosphere of mutual trust, where each party is willing to listen and take the other’s needs into account, negotiations are most successful.
Working with real estate agents who are skilled negotiators will be of great benefit to both buyer and seller.
