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How to Play it Cool When Looking at Potential Homes

21 Oct

How to Play it Cool When Looking at Potential Homes

The Art of the Negotiation Game 

Are you looking into a new piece of real estate? Want to sell or purchase a home? If the answer to those questions is yes, then there is one more question to ask. And that is, "Do you know how to play it cool in negotiations?" 

According to dictionary.com, the word negotiate means: 

"to deal or bargain with another or others, as in the preparation of a treaty or contract or in preliminaries to a business deal." 

That said, when referring to the word "negotiate" in a real estate deal, one should prepare to bargain to arrive at the final agreement. Well, that is relatively obvious. How to do it is altogether another art form. 

The negotiation stage follows the phase where you are just beginning to look and deciding what is and is not essential to you in that piece of property. That is where some buyers get into a pickle (personal experience, here). If you tend to be a "Chatty Cathy" or an open-book type, you may need some coaching on the what not to say, or how to "play it cool" when looking at a home. 

Play It Cool 

What we mean here is don't give all the details of your home search up in the initial phase. It would help if you had some "tricks up your sleeve" or “held some cards back,” as they say. The game of negotiation is one of give-and-take, then do it all over again. So be sure you have something left to give in the end. 

Here are a few things not to reveal at first. 

  1. If you are in a rush to get into the new place, you don't want to tell your real estate agent. Play it Cool. Be honest, but don't seem desperate. This will allow your agent to do the best work for you without the added pressure. 
  2. Never reveal the maximum number you are willing to pay. Play it Cool. Keep that number in your head for a while. That way, they get you the best deal for the house you are looking for, not the price you are willing to pay. Focus on the details you need in a home. 
  3. If you are not up to date on the market, it is not the best practice to reveal you are clueless. Play it Cool. Do a little preliminary research so you can have an intelligent discussion, then let the agents work their magic. 
  4. Don't reveal to either agency you have just missed out on a property and are devastated. This only makes you seem emotional and desperate. Play it Cool. Remember, no matter your situation, the agent you choose is on your side to get you the best deal on the best value available. 
  5. Likewise, try not to tell anyone YOU MUST HAVE IT! (guilty as charged). Again, desperation makes you the loser in the end. Play it Cool. Be confident, and keep other options open as well. 
  6. Telling an agent your plans for a property can result in one of two things happening. One, your creativity and imagination will add to the perceived home value, driving your costs up in the end. And two, if the other agent hears or the owner perhaps, it gives them ideas about what suggestions to make for other clients. (again, guilty as charged). Play it Cool. 

So, when you are walking through a property, remember one vital phrase, Play it Cool! This process is a negotiation to the very end. Your real estate agent and your bank account will thank you. 

CITED: 

Dictionary.com and slightlyunconventional.com