\nWhen you own a property, you may need to sell it. How do you go about doing that?\u00a0In today’s show Rachel Barnes<\/b>, from\u00a0Investor Friendly Agents, helps you with some negotiation tips.
\n <\/p>\nTranscript:<\/h4>\n
Kevin<\/b>:\u00a0 When you own a property, you may need to sell it. How do you go about doing that? A lot of people would think, \u201cI\u2019ll just appoint the agent and the agent will do all the negotiation for me,\u201d but along the way, you\u2019ll have to become a negotiator, as well, because you will end up negotiating with the agent. That is not only to get the sale right; it\u2019s actually to get the appointment of the correct agent, as well.
\nRachel Barnes has a website called Investor Friendly Agents working with agents to work better with investors.
\nRachel, what are some of the tips you can give us as to how sellers can become better negotiators and work better with agents?
\nRachel<\/b>:\u00a0 I think firstly, you need to be prepared. That is one of the key things. Even before you talk to an agent, you need to have done your homework. Firstly, you need to know what your target market is, because they\u2019re the people that you \u2013 either yourself or through the agent \u2013 are going to be negotiating with.
\nIf it\u2019s a three-bedroom house and you\u2019re looking at a family, then that is what you\u2019re going to focus on. If it\u2019s a two-bedroom unit, maybe an investor. The more you know about your end buyer, the better you\u2019re going to be in a position to negotiate, because negotiation gets down to building the benefits for the person on the other side of the transaction. That is really what you have to look at.
\nKevin<\/b>:\u00a0 Negotiation is a very important part of the process. We should never be afraid to do it; it\u2019s just part of the process. Therefore, you should just become more skilled at it, Rachel?
\nRachel<\/b>:\u00a0 Absolutely. It\u2019s a bit like you did at school or university, where you actually do some role play. I always suggest that you have somebody who is the devil\u2019s advocate, who is either playing the agent or the potential purchaser, and you going through with them.
\nWhat you have to do is give them all the benefits. You have to overcome objections before they even get to that stage so that by the time you\u2019ve talked to them, they have nothing that they need to know about, they can make a decision \u2013 yes or no \u2013 to your property. Being prepared with role play and having the confidence to do that, I think, is the key thing for you.
\nKevin<\/b>:\u00a0 The next step?
\nRachel<\/b>:\u00a0 The next thing I would say would be making sure that you know exactly what you\u2019re looking for. When I talk to agents, the things that I [2:01 inaudible]<\/b> is you\u2019re dealing with a buyer or seller.
\nRemember that it\u2019s not just price that counts. If I\u2019m looking to sell a property, it\u2019s not just the price I\u2019m looking at; I\u2019m also going to consider the conditions that I might be willing to accept. There might be a really good price if I\u2019m going to be having a quick, unconditional sale.
\nBut on the other side, if somebody wants to have some conditions in there \u2013 like they want to get in there to renovate, or they want to have a longer due diligence period, or anything like that \u2013 then I\u2019m going to be looking at what other ways I can offer a benefit to a buyer that is still going to be okay for me and give me what I want and some reimbursement for that longer span. Remember that it\u2019s not just price; it\u2019s also going to be conditions.
\nAnd being prepared with the final result. Don\u2019t go in thinking, \u201cI would hope for this but I\u2019m not sure.\u201d You need to have done your due diligence. How much can you expect? Who is the buyer going to be for your property, so that you know what benefits to promote to them? Know what your fallback position is, but I would never tell the agent what your bottom price is going to be.
\nKevin<\/b>:\u00a0 No, that\u2019s the golden rule, isn\u2019t it? I like also what you said there about negotiation is not always about price. It\u2019s about so many other things, isn\u2019t it, Rachel?
\nRachel<\/b>:\u00a0 It is. Sometimes agents can be a concern because they only think about price and getting that sale through quickly, but it can be that you could make more money if you just wait a little bit longer with another condition that might be in there.
\nI would also suggest that if you\u2019re going to be employing <\/b>an agent, that if they negotiate on their commission straight up, then it\u2019s going to be the right agent for you. Even when you\u2019re looking to negotiate with the agent, again, I wouldn\u2019t be looking at price, and if they bring down their commission first up, then they\u2019re not going to be an agent that is going to be up to hold your price either.
\nKevin<\/b>:\u00a0 Some people ask why. It is all about if they can\u2019t even negotiate their own commission, how good are they going to be at negotiating yours? A lot of people believe that knocking the agent down is the smart thing to do. I\u2019ve always thought it was the worst thing to do.
\nRachel<\/b>:\u00a0 I\u2019m with you, Kevin. It sounds like a good idea, and yes, it sounds very logical, but if you want your agent to be working for you and not just selling your property based on price \u2013 again, he or she would be looking at the bottom price then to get it through quickly \u2013 that\u2019s not what you want to get the best out of your property, your investment, or your home.
\nKevin<\/b>:\u00a0 Absolutely. Rachel Barnes from Investment Friendly Agents.
\nThank you so much for your time, Rachel.
\nRachel<\/b>:\u00a0 Always a pleasure, Kevin. Thank you.
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When you own a property, you may need to sell it. How do you go about doing that?\u00a0In today’s show Rachel Barnes, from\u00a0Investor Friendly Agents, helps you with some negotiation tips. Transcript: Kevin:\u00a0 When you own a property, you may need to sell…<\/p>\n","protected":false},"author":176692471,"featured_media":4401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,25],"tags":[101],"class_list":["post-4400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-sponsored-channels","tag-podcast"],"yoast_head":"\n