The home buying/selling process is stressful enough at every step. But the finish line is crucial – especially nowadays in a hot real estate market and many moving parts. Which is why your real estate agent’s negotiating strategy to close the sale could mean the difference between success and failure – and much of that is based on the agent’s knowledge about the market and the business before that.

Here are the 7 biggest mistakes an agent could do when negotiating:

1. Allow emotions to get in the way

Your agent check emotions at this point. Not that he shouldn’t care, but he shouldn’t let the other party see that he’s emotionally attached. The agent should make sure alternatives or options are front of mind for a backup, instead of an “all-or-nothing” approach.

2. Threaten with an ultimatum

Your agent may think this gives you the upper hand in this market, but, ultimately, this could completely turn off the other party, causing them to walk away and for the deal to fall through.

3. Not getting to know the other party

Although you are your agent’s main priority, it’s also important to get to know the other party involved to know what they care about, what they need, and what they want to find that common ground for both parties. 

4. Not being prepared

You may have hired your agent because of his confident experience, but, no matter what, negotiations always require avid research to back up the reasoning for the price or counteroffer.

5. Being too greedy

Yes, you ultimately want to get the maximum price (if you’re selling), but your agent should be willing to give and take in the negotiation stage, so people aren’t pushed away.

6. Not being creative

While money is the ultimate goal of a real estate transaction, nowadays, agents should think outside the box and consider negotiating services or products into the closing, such as furnishings or appliances.

7. Overreacting to offers

Parlaying with No. 1 on this list, overreacting to offers isn’t the way to play nice with others. Your agent should be able to clear his mind, let go of initial emotions even if he doesn’t like the offer, and instead read through it carefully to really consider all pros and cons to determine a counter that is best.

To sit down and discuss your plans to buy or sell a home, please call one of our agents at the Sands Realty Group at 843.839.4878.