Negotiating Real Estate Transactions

Founder of Soto Realty, Mr Saul Soto shares with us his best tips for negotiation based on his years training new Real Estate Agents coming into the business. Mr Soto has worked for some of SW Sydney’s largest agency including Ray White Canley Heights as Sales Manager, Raine & Horne as a Senior Sales Associate as well as Graham Ball and Home Agency in Cabramatta.

Negotiating is an essential skill to have in life, whether you are buying a car, negotiating a salary, or simply trying to get a better deal on a purchase. It can be intimidating at first, especially if you are not used to it, but with some preparation and practice, you can learn how to negotiate effectively and get the things you want. Here are some tips for negotiating to get the things you want when buying something.

• Know your limits

Before you start negotiating, it’s important to have a clear idea of what you are willing to pay and what you are not willing to pay. This will help you set boundaries and avoid getting swayed by the other person’s arguments. It’s also a good idea to have a backup plan in case the negotiation doesn’t go as well as you hoped.

• Do your research

Knowing the market value of the item you are interested in buying is crucial to a successful negotiation. Look up similar items online and see what they are selling for. This will give you a good idea of what is a fair price and what is not. You can also try negotiating for extras or discounts instead of just the price. For example, if you are buying a car, you might try negotiating for free maintenance or a extended warranty.

• Be prepared to walk away

Sometimes, no matter how hard you try, the other person is not willing to meet your demands. In this case, it’s important to be prepared to walk away from the deal. This can be difficult, especially if you really want the item, but it’s important to remember that there are always other options available. By showing the other person that you are willing to walk away, you demonstrate that you are not desperate and that you have other options.

• Use silence to your advantage

Silence can be a powerful negotiating tool. When the other person makes an offer, try pausing for a moment before responding. This can make them feel uncomfortable and more likely to negotiate. They may also feel the need to fill the silence with more information or a better offer.

• Stay calm and professional

It’s important to remain calm and professional during the negotiation process. Getting emotional or angry will not help your case and may even damage your relationship with the other person. Keep your tone respectful and try to focus on the facts rather than getting personal.

• Use nonverbal communication

Nonverbal communication, such as body language and facial expressions, can be just as important as what you say during a negotiation. Make eye contact, nod your head, and use open body language to show that you are engaged and interested in the conversation. Avoid crossing your arms or leaning back, as this can give off a closed-off or uninterested vibe.

• Know when to compromise

Negotiations often involve give and take, so it’s important to be willing to compromise. If the other person is unwilling to meet your demands, try to find a middle ground that works for both of you. This may involve compromising on price or extras.

• Follow up

After the negotiation is over, it’s important to follow up to make sure that everything is going according to plan. If you made any promises or agreements, make sure to follow through on them. This will help to build trust and strengthen your relationship with the other person.

Negotiating can be intimidating, but with some preparation and practice, you can learn how to do it effectively and get the things you want. Remember to do your research, be prepared to walk away, use silence and nonverbal communication and always try to listen for opportunities to compromise.

If you would like to hire the services of a professional negotiator then please contact Mr Saul Soto directly on 0402 948 807 or saul@sotorealty.com.au  to organise selling or buying your next home.