Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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What is one of the biggest challenges for real estate salespeople? It’s negotiation!
Knowledge equals confidence; ignorance equals fear. To stop fearing the negotiation process, you must improve your skills. That’s precisely our goal with this 2-part series on negotiation.
Negotiation happens not only when an offer is made, countered, and hopefully accepted but also during:
- Home inspections
- Appraisal issues
- Defending your commission
- Many other critical moments before closing
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Little-Known Fact About Negotiation
Even the most experienced agents can still have moments of anguish or anxiety in real estate situations. Maybe they’re:
- Dealing with a price range they’re not used to
- Facing a tough seller with a strong personality
- Struggling to see eye to eye on key points
It happens to the best of us.
Meanwhile, new or inexperienced agents often dread going up against:
- A tough negotiator
- A buyer or seller who won’t budge
- An agent they can’t seem to communicate with
What is Negotiation?
Negotiation is:
“The process where two or more parties with different needs and goals discuss and find a mutually acceptable solution.”
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Negotiation is NOT:
- Bludgeoning the other side into submission
- Making them cry
- Getting them to hang up on you
- Faking them out with manipulative tactics
Avoid saying such things, and beware of agents (or clients) who lead with these non-tactics!
What to know before you start to negotiate:
We’ll break down negotiation strategies from both the buyer and seller perspectives. Remember the 7 P’s of Real Estate: Proper Previous Planning Prevents Pitifully Poor Performance!
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Here’s what we’ll cover over two podcasts:
1️⃣ Know the Property
2️⃣ Know the Seller
3️⃣ Know the Buyer
4️⃣ Do the Deal!
PART ONE: Know the Property
Knowledge = Confidence. Before you negotiate, get the facts!
Mark Twain said it best:
“Supposing is good, but finding out is better!”
Here’s what you must know about the subject property before negotiating:
1️⃣ MLS Listing Details – Read everything, including agent comments. Many listing agents tell you precisely what it will take for the seller to consider an offer. If not, call and ask.
2️⃣ Key Property Details – Look for clues like “Not FHA approved”, “Seller financing available”, or “As-is only.”
3️⃣ History & Online Presence – Check MLS archives, Zillow, Google, and YouTube. Was this a For Sale By Owner before?
4️⃣ Days on Market – Fresh listing or stale property? Has it been pending before? If so, why did the deal fall through?
5️⃣ Comparable Sales – What are the most recent sales and pendings? How long did those homes take to sell?
6️⃣ Active Competition – How many similar homes are available? Zero? A few? A flood of options? The answer affects negotiation leverage. Is there new construction this home competes with? How does it stack up?
7️⃣ Hidden Deal-Killers – Is the property in a floodplain? Near a major corporate expansion? Next to a soon-to-be commercial development?
PART TWO: Know the Seller’s Priorities
Negotiation isn’t just about price—it’s about what matters most to the seller.
Benjamin Franklin said:
“By failing to prepare, you are preparing to fail.”
Here’s what you must know about the seller before negotiating:
1️⃣ Seller Motivation – Are they moving because they want to or because they have to? Have they already bought their next home?
2️⃣ Ideal Closing & Possession Date – Do they need extra time? A leaseback? A fast close?
3️⃣ Non-Price Priorities – Do they want to keep the fridge? Are they willing to leave the furniture?
4️⃣ Offer History – Have they rejected previous offers? Why?
5️⃣ Failed Contracts – Has this home gone under contract before and fallen through? If so, what happened?
6️⃣ Competing Offers – Are there multiple offers? If not, how much activity is the listing getting?
7️⃣ Backup Plan – What will the seller do if this home doesn’t sell? Are they prepared to rent it out or stay put? Is keeping the home an option?
(Premier Coaching members get the full Seller Negotiation Checklist!)
On tomorrow’s podcast, we’ll look at negotiating from the Buyer’s perspective and conclude with strategies to seal the deal whether you’re on the buyer or seller side!
