How can you leverage local real estate market knowledge in a negotiation?

As property values rise and fall we shift our focus to ensure we are offering the right loan products to our client base. We are in constant contact with the top realtors and builders in our market area to ensure we are well aware of market trends.

As always in real estate, location is absolutely key. It’s not enough to know the property is in a particular city, ZIP code, or even in a particular neighborhood. A real estate professional can help a buyer or seller know which end of the same street is more desirable! I have seen out-of-town buyers think that anything in a general area is good, or a street name is good, but it’s important to know the local market intimately to be able to discern the benefits and values of any particular property.

When investing in real estate it is important to keep the client updated with the trending areas, what's hot and what's not. Investors are investing for one thing, return on investment! Amenities in the area that are proposed to be constructed as well as transport links play vital on high ROI areas

As a real estate lawyer, I always suggest that a title search be done BEFORE you put in an offer on a property. Knowing if there are any red flags before your offer is set in stone can give you major purchasing power and knowledge that the seller may not even have.

Knowing the market encompasses a lot of what's important in negotiating a fair deal. Take your time, watch for real estate articles, listen to what people are saying. Now take all that with a grain of salt, and find a Realtor to work with you that has 'experience' behind them to get you 'really' informed about what's happening in your specific market. They do this for a living every single day! A Realtor has the statistics to back up what they are telling & advising you. Find a Realtor you feel comfortable with, set up a meeting & stick with him/her. Take your time, ask questions, get some solid answers. Know the difference between a hot market, a normal market & a slow market. There's a big difference. Relates to whether buying or selling

When speaking with clients, I always tell them up front that I would not be doing my job in their best interest if I always tell them what they WANT to hear, in addition to what they NEED to hear. It's subtle, but important to a successful businesss relationship. In working with a cooperative broker, I'm not in the negotiations to win or lose. I remind the other party that we all have the same collective goal of getting to the closing table, and I believe that mindset helps the situation.

This is a vital part of any negotiation, understanding the reasons why the buyer wants this property is essential. Once you establish the driving motivation behind this purchase use local market stats to show how much property value has increased over time to prove logically that paying full price or higher is sensible due to growth expectations. Also using comparables of past sales in the area to show how with improvements the price can go even higher. Actively listening is a crucial part of any negotiation, not listening with the intent to respond.

The art of listening is key when understanding your counterparts. You have to know the “why”behind your clients move and be sure to dig deep. Don’t be satisfied with surface level answers. Dig deeper to truly understand the core motivation. This will allow you to put the clients needs first above all, this is your fiduciary duty. When negotiating with other agents don’t be afraid to pick up the phone and have a conversation. Many agents keep communication during negotiations to texting or email. This kind of communication is appropriate but to really assist each other with the ultimate goal of serving each others client. A clear and concise conversation is in order.

I agree. You must be able to communicate effectively and achieve the goals of your client. Knowing the parties involved will help you navigate the transaction.

Communication is the number one factor to keep your client engaged on the transaction. The client needs to know exactly where their transaction is and appeciate every single detail even if it is an obstacle that both would need to clear and ir is easier with clear communication!

Knowing where future development is planned can significantly impact values and opportunities in real estate. Talk with planning commissions and business development offices on the local and state level to get a clearer picture of where development is headed.

Undoubtedly, the responses as posted are indeed powerful and in its great majority I already practice most of them. All I would like to add is the need to assess my counterpart. Personally, openly and candidly disclose our common goal to get the deal close. Then I make sure to disclose that I love to learn and to exchange opinions, so never to hold back from sharing a point as I would never take them personal, then say "how about you?" No matter what the response may be I will then proceed with "great so then lets get wo work ......... only then will I ask him/her simple questions to assess his/her knowledge of the local market.

You have to become the Shot Caller. Be strong enough and knowledgeable enough to tell a buyer to wait or a seller to hold. When you are right, you win a lifetime client, if you're wrong you probably did not know your market well enough. I have told clients on several occasions to hold and wait, when the time was right I would let them know. If you truly have the pulse of the market and the client's best interest at the top of your list, you have a winning strategy.

Get involved with your city council to stay on top of hyper local market trends, from new legislation to new developments and infrastructure. Follow Lawrence Yun, from the NAR to gain insight on regional and national trends. Think about the economy- inflation, credit card usage, an election year, wars--all of these factors affect home buyer and seller sentiment. If you're an early career agent and all these market stats seem daunting, keep it simple. Think about supply and demand. Remember, the stats that come out from your local association are two months behind present day. Study your MLS daily, and stay out and about in the community. The more meaningful conversations you have, the more business you will do.

Market trends and forecasts: Keep an eye on market trends, such as whether prices are rising or falling, and any forecasts or predictions for future market conditions can provide you with insights into the future value of the property and help you negotiate accordingly.

This is going to be truly vital with any impending changes to agency representation from current cases. Cannot just show up, need to show you are worth the business service the client is investing in.

As a real estate coach, this is the first thing I explore with an agent! If you (the agent) do not know or cannot present your value, all the the other things you do could be lost! It should not be "puffery" however, it should be factual and precise. For example a newer agent that doesn't have many closing stats may feel they can not compete with more experienced agents. Please don't underestimate yourself! Use you life experiences, study the market, have a top notch presentation highlighting you and your company. Use company status in area until you can build your personal stats! "Limiting beliefs" hold people back from aiming and reaching their goals! Don't give in to them?

The idea is not to bring the same boring cookie cutter services to clients and potential clients. There are thousands of professionals in the industry doing the same old song and dance...bring added value. Be authentic and and honest with clients. Forget about commission and give them the best advice for their real estate goals.

You want to be very careful when highlighting your value, even though it is a excellent strategy, it can put you in a bad position or light if you overestimate or overvalue yourself or your proposition, believe me when i say it can be seen as professional tomfoolery, subtitle incompetence and even a great disrespect to your client's knowledge or grasp of what is on the table. In today's world, most people can smell bullsh*t from like a mile away especially in corporate real estate, highlight your value but first be sure the said value is realistically valid and worthy of it's praise.

Highlighting your value proposition will give the client the best interest they will need providing them the benefit of living their life more meaningful..It is best to demonstrate your goal not just to gain profit but also to a long lasting partnership…

Many times I find myself saying modern problems require modern solutions, and I feel clients and colleagues appreciate that. It's not always dollars and cents that move the needle.

Flexibility and being creative with terms of contracts to suit each parties needs has proven to be invaluable in recent years. Presenting fresh ideas and thinking outside the norm can lead people to the same page and to a successful closing.

Successful real estate negotiations demand flexibility and creativity. In a constantly changing market, being adaptable is key. When challenges arise, consider alternative solutions to overcome impasses and aim for win-win outcomes. Prioritize wisely, explore different scenarios, and be prepared for every twist and turn. In the world of real estate, flexibility and creativity aren't just skills; they're your secret weapons for smoother transactions and happier clients.

Communicating a desire to understand the needs of your counterparts can lend to a collaborative problem solving session during negotiations. The ability to think outside of the box and share past experiences from previous transactions can help construct a desirable result that will leave a customer singing your praises. Don’t allow frustrating negotiations to rattle you when a solution is with in arms length.

In such deals I always tell my clients that you require more commercial approach than legal approach. If commercially both the parties are in line then it is easy to close the deal.

Understand recent sales and market trends, Research recent sales and market trends in the specific neighbourhood or area where the property is located. This will give you a good idea of the current market conditions and help you determine a fair price. Understanding whether it's a buyer's or seller's market in your area can significantly impact your negotiation strategy. In a seller's market, you may need to be more competitive with your offers, while in a buyer's market, you may have more bargaining power.

This is where lawyers shine, do your best to milk the paperwork and documentation process, also be extremely creative when doing it, There is a lot more to gain than most people realize in closing a deal, there are a lot of contingencies and incentives to be gotten from meticulously finalising the terms and conditions of the property negotiation.

One of the biggest mistakes a lot of agents make is, the lack of proper follow-up timelines, having the right structure and follow-up process is imperative for a successful real estate business.

Contar con una base de datos histórica es central para cualquier análisis. En mi caso trabajo con una base que sigue edificio por edificio de forma mensual. Esto ayuda a ser más objetivos y a anticiparse.

Always. Do the research first. See what businesses are bought/assessed in the area. Check on the county level to see how many times the property has been sold. See if the businesses failed on that site. Check to see if area is in a flood zone. What the insurance rates are in the area due to crime etc. Yes doing ones research is essential.

When Closing, you need to understand your client's needs. A Property's Value does not always reflect the areas comps, the Appraiser's Valuation or even an accurate assessment. A great negotiator will take into consideration varying factors. An Appraisal came in $10K less than anticipated & below contracted price. The Agent/Buyer expectedly offered to send a Price Reduction for the Property, however, it was declined due to multiple reasons: The Buyer agreed by handshake and contractually to pay the price. The property had greater value aesthetically despite the Appraisal. Also, it is believed the property could get a higher offer if the seller waited it out. The Buyer/ Agent waived the reduction & paid the full agreed upon price.

Our experience shows that substantial value could be added to real estate negotiations by knowledgeable real estate lawyers who understand current tax environment as well as deal structuring available under local laws.

Always put your clients first! Do not look at them as a transaction. Treat them as you would a family member. Educate and guide them with their best interest in mind. Create a tailored plan based on their specific goals. This mean listening to what they have to say. They may have an idea what they want but that could be different from their actual needs. This is where your expertise comes in play. Every client needs a different game plan. Always discuss strategy with mutiple variables, this way when you need to pivot, they understand and there is no hesitation. This is especially in a dynamic market. Never leave doubt with the decisions being made. Make sure it's based on the collective agreement of the strategies discussed.

We are in one of the toughest and the first decider wheather a brand works out or not. So the following tips are actually done by myself in many situations 1. Under commit = over delivery 2. If your counterparts is at 90kmph speed be at 110 kmph then only you will get a significant lead 3. Always except challenges and always be the way don't follow someones else way 4. Life is supposed to be a learning journey so enjoy it. It's hard some time. But one of the best business in the world 5. Anyone in the real estate retail, or residential we are the people who side the co-ordinate for the future of a business

Never let emotion be involved. You shouldn't be in the industry unless you know your market inside and out. Commercial real estate is driven by facts not feelings, so if an owner feels like they should be getting more or if an agent on the other side feels they should be getting the property for less if in negotiation, just present the facts laid out in a comprehensive and simple manner intertwined with a logical argument to support your case. If the demand on the other side is truly there, you will succeed. Some agents and owners will simply just try to grind you down and try smoke and mirrors, some will get irate especially inexperienced, agents and brokers. Stay focused, calm and logical. Be ready to walk away if necessary.