7 Real Estate Negotiation Strategies From An Expert

Hudson is one of the best-kept secrets in New York. Located just two and half hours from New York City, Hudson is tucked along the Hudson River in the Catskill Mountains of upstate New York. It’s the quintessential small American town, filled with locally owned restaurants, eclectic shops, and beautiful art galleries. There are countless opportunities to go antiquing, explore collections of rare and historical books, or have a night filled with culture at the opera.

Hudson has incredible properties, including historic townhouses, Victorian single-family homes with stunning details, sprawling estates nestled along the Hudson River, and quaint cottages. With excellent schools, amazing parks, and culture, there are so many reasons to move to Hudson. If you’re thinking about investing in Hudson real estate, you’re going to want to work with a great realtor that has excellent negotiation skills. Our guide will walk you through the best skills to look for and how to choose a realtor that will get you the best deal possible.

#1 Make Use Of Inclusions

Inclusions are a strategy where additional costs are included in the selling price. Inclusions can work in the favor of both the buyer and the seller. Inclusions should be added to the negotiation later in the process to have the most impact. For example, if you’re selling your home, you might include the washer and dryer in the cost of the home but ask that the buyer pays for some additional repairs needed on the home. Since the buyer is getting the washer and dryer included, the cost of these features can be requested in another aspect of the transaction.

#2 Use Confident Language

When entering negotiations, it's important to use confidence and affirming language with the client. Your realtor should have done their research and have a confident stance when negotiating. This confidence will show and create a better relationship with the selling agent. Another strategy is to use affirming language that makes the other party in the negotiation feel seen and heard. This is important for developing the relationships that are so important in real estate. Your agent not only needs to have a great relationship with you but also with the other party and their agent. Part of this is using affirming language that builds connection.

#3 Do Your Research

Another important strategy in the negotiation is to ensure that your real estate agent does their research. This means understanding market dynamics in the area and looking at comparable sales made recently. This will give your real estate agent essential information to ensure you get the best price possible during negotiation.

Another important part of doing research is understanding the other real estate agency and looking at recent sales. This will give your real estate agent an understanding of the negotiation tactics and strategies that the other real estate agent frequently uses, as well as insight into their personality. So much of real estate transactions is building relationships, and the more your agent knows about the other party, the better.

#4 Be Realistic

Another important part of the negotiation is being realistic with the price point and requests. Understanding the comparative prices in the area will help your real estate agent create an offer that is on par with the market value of the home. Starting with too low an offer can offend the seller, and you’ll have better chances of negotiating if the offer is on par with other properties in the area.

#5 Uphold Your Fiduciary Duty

Realtors are held to a higher level of legal standards than other professionals in the field. They must always work hard to ensure that they are putting their client’s needs first and do everything they can to get you the best deal possible. Your real estate agent should always have your real estate goals in mind and advise you with a sound course of action.

#6 Be Ready For A Counteroffer

When you’re selling your home, once you receive an offer, you want your real estate agent to be ready with a suitable counteroffer. A counteroffer helps progress the negotiation process and get the buyer and the seller closer to a price that is fair and acceptable for both parties. If the incoming offer is too low, the real estate agent should be ready with a counteroffer that is based on market research to help get their client the price their home is worth.

#7 Know What Is Negotiable

A great negotiator understands what is negotiable in a home sale. There are a few key points they should be able to cover. First, your real estate agent should understand that the price is negotiable. The comparable sales in the area, the length of time the home has been on the market, and the type of offer all play a role in changing the final sales price. In addition, the inclusions that are included in the sale price can also be negotiated.

The seller can include more amenities and features with the home to make the offer more attractive to buyers. Additionally, the real estate agent can also negotiate for any repairs that need to be done on the home. Prior to closing a sale, the buyer should always request a home inspection. This will provide information about any repairs that need to be made, which can be factored into the price. Either the seller can decrease the price or complete the repairs prior to closing the sale.

If you’re ready to get started with searching for a home and entering negotiations, you’re going to want to work with a great realtor. In the Hudson area, there is no one better than the team at Upstate Untapped. The team has extensive experience as master negotiators and a stunning portfolio to prove it. Contact him today to help you find the perfect home or investment property in Hudson.

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