The Negotiation Process
The price may be right, and there is an enthused and qualified buyer, and an enthused and eager seller, but the deal falls apart. Why would this happen when all the right elements are in place? These situations can often occur, much to the frustration of all concerned.
There may be many possibilities to consider regarding what might have caused the collapse of the deal. Possibly a problem arose between seller, lender and buyer, such as an appraisal dispute, or a buyer’s -intentionally or unintentionally- undisclosed debt uncovered by the lender.
But, guess what? If there were no problems with the appraisal or issues between buyer and lender, then the real problem may have surfaced during negotiations between buyer and seller.
Negotiations between buyer and seller can most often be a sensitive process that often uncovers certain demands and refusals by either party that can lead to an impasse. In situations such as these, an experienced and knowledgeable Las Vegas Real Estate Agent’s people handling skills can very well be the key to solving the dispute.
A real estate agent’s success in his/her profession is dependent not only upon knowledge of the business, but equally based upon an understanding of human nature, and the ability to arbitrate disputes.
It has been said before, but an agent’s ability to foster an atmosphere of trust and cooperation between buyer and seller during the negotiation process is often the answer to resolving disputes and clearing the way to a successful closing.
Forging an understanding that neither party is going to get everything they want, and that some concessions must be made, or the buyer will not get the house he/she had wanted to buy, and the seller’s property will have to be put back on the market, can be a convincing argument for both parties, and can lead to the acceptance of a give and take attitude that is needed to close a deal.
Buyer and seller must be made to understand that a win-lose scenario in which only one party gets what they want can rarely work in a real estate deal, and a win-win situation in which each party is given options for mutual gain is the best route to take.
Fear, anger, distrust and anxiety are some of the negative emotions that might surface during the negotiations, and the Realtor must be alert to these feelings and help to dispel them.
The skilled real estate negotiator must first start with an understanding of his client’s real wants and needs. Wants and needs, for example, are not always “set in stone,” and the agent must assure both parties that a solution must be reached that is fair to both parties, and that would be the only way differences can be resolved.