Jim Valentine on Real Estate
When lawyers are hired to represent a client against another party and their attorney, the lines in the proverbial sand are easily seen. They work to gain advantage and seek to conquer the other side … during litigation lawyering that is.
The days of real estate agents seeking to vanquish the opposition are gone. With the advent of the Internet and all the resulting available public information, there are few dumb buyers and sellers to be taken advantage of. The beauty of having an informed public is that they can handle more information given to them by a professional agent and make good decisions.
Real estate agents will work with other agents, or even handle both sides of the transaction themselves, with the best interest of all concerned in mind. It takes a willing buyer and willing seller to make a transaction work.
To reach a common ground the agents will work to help their clients understand the options available to them, give them perspective, and assist them in evaluating, to make a decision. The hard-working professional also will provide their client with the options and perspective of the other side to help them understand their potential mindset. The final decisions for price and terms are ultimately up to the clients.
Decisions aren’t always financially based. Timing can be important to one side or the other in a transaction. This can work to one’s advantage at times, or it will let you know up front what won’t work. You might just need to find another property or buyer if the timing terms can’t be agreed on. Some buyers will pay more because of location, quality of life, or other amenities that the property affords that are the result of totally subjective reasoning. Sometimes a financial concession is made in order to gain something that isn’t as important to the other party as the money is.
A good way to negotiate is to get into the head of the other party and try to determine what it is they are after. When you see things from their point of view you are able to adjust your terms and conditions to appease them as well as yourself. When the wants and needs of both parties are met you have the basis for a solid transaction. When your objectives are aligned then it is easy for the agent to get on the other side of the table and work with the opposing agent toward the common goal you all now seek … the close of escrow.
When everyone is on the same side of the table things tend to go smoothly. Bumps occur during the course of an escrow, but now everyone is seeing them through similar eyes. It might be personal property to be included, the results of the inspections, setting up and opening up for inspections, etc. There is a lot of work to be done and it gets done more expeditiously and with less antagonism when a common goal is shared.
Once you work together on the same side of the table a sense of teamwork can develop. Some transactions develop such a friendly atmosphere that the parties establish friendships that survive the close of escrow. That’s what happens when rapport is built and maintained. It is a very nice way to live. You aren’t looking to get the “drop” on the other party, rather you work together to resolve any issues that arise along the way. If the transaction is rescinded for one reason or another, everyone knows it isn’t personal. Keep your business mindset at all times, but remember that business isn’t always about slitting your opponents wallet. When both sides win everybody wins and you have a better chance of getting a better result in the end.
Before you make any decisions, mentally walk around the table and view the world from the perspective of your potential transactional counterpart. How does it look? How does it fit with your world? Now you can properly structure, or evaluate, an offer. Your likelihood of success in putting the offer together and closing the escrow is greatly enhanced. Enjoy.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704 or firstname.lastname@example.org.