Negotiating Tips for a Victoria Home You Need to Know

July 21, 2021

Negotiating is a skill, and you need to exercise quite a bit of it in order to win over a home seller-or-buyer to secure this major transaction. Regardless of the side that you’re on during negotiation, you need to have some strong market knowledge and a firm understanding of fair market value. Plus, you must have a genuine purpose for selling or making a purchase. If you need some useful tips, you’ve come to the right place. The best realtor in Victoria BC is here to provide you with some negotiating 101. As you try to get the best value out of a potential deal, take into consideration these negotiating tips you need to know.

Negotiating Tips for a Victoria Home You Need to Know

Contain Your Excitement

Buying or selling a Victoria property can be very exciting. It’s understandably hard to hide your emotions regarding a life-changing situation like this. However, the more you can keep your feelings in check, the more fluid negotiations will be. 

 

Refrain from oversharing information to make yourself seem like the smartest person in the room. Also, while you should be as transparent as possible during the proceedings, sharing too much information can weaken your negotiating position. 

 

Silence helps a lot during negotiating. Let the other party speak first and make the initial offer. By doing so, you put yourself in an advantageous position because you know their starting point. You can build on that foundation to shift negotiations in your favor. You should make the other party feel as comfortable as possible while also using affirmative language. This helps to put the proverbial ball in their court. 

 

Never Act Like It’s Your Only Deal

Whether you’re a first-time home-buyer or have been down this road before, never show desperation at any point throughout the negotiations. That desperation will make you susceptible in negotiations. Any top realtor in Victoria BC will tell you that you should approach the negotiating table with some understanding and a willingness to compromise. 

 

Doing the opposite will make the other party uncomfortable because you’re putting them in a rush and fear that this is your only chance to strike a deal. Don’t take a hard-line approach to negotiations. The goal is to find a win-win situation that leaves everyone satisfied. Listen to any and all issues, then offer potential solutions that make all parties feel comfortable with the deal. 

 

Don’t Be Afraid to Walk Away 

Following up on the last point, you have to display unbridled confidence when going into negotiations. Though you want to make a deal, don’t think that this is the only opportunity you’ll have to consummate an agreement. There will be other opportunities and other homes in Victoria to choose from. You should always have a Plan B — and even a Plan C or Plan D if possible — when you’re looking for a new home or trying to sell it.

 

Never rush into a decision. The worst thing you can do is accept a deal that isn’t financially viable. In a buyer’s instance, accepting the wrong deal can mean you’re paying for a home that’s appraised below the purchase price. If there’s any real hesitancy about making a deal, leave the table and find a more appropriate opportunity

 

Negotiating Tips You Need to Know

Contact Brad Maclaren and get more advice on how to come away from the negotiating table a convincing winner.

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