Ken's Naperville Real Estate Blog : THE ART OF NEGOTIATION. SOMETIMES LESS IS MORE.

THE ART OF NEGOTIATION. SOMETIMES LESS IS MORE.

I currently am working on a few deals as the buyer's agent.

I find it interesting when the listing agent I am negotiating with finds the need to tell me how great their home is.  Afterall, I know what the house is like.  I was just in it...

And I am not buying it anyway.

I don't care what the seller paid, the improvements they did, how great the neighborhood is, the schools, the comps or whatever else the other agent feels is so important.

Because none of that matters...

A house is worth only what a buyer is willing to pay for it...

And my buyers have made their offer.  I have heard the counter.  So please, just let me off the phone so I can discuss it with my clients.

The more the other agent talks, the more I am confident that the seller will be coming down in price.  Not the other way around.

Agents need not argue or debate.    

When another agent starts this, I just go along.

"Oh yes, I really wish my clients would come up.  It sure is a great house.  They are really being stubborn," I answer with a wink...

While inside I am thinking "We can get this house cheaper than I thought."

Ken

To find your next home, go to my Naperville Illinois Website anytime.

Comment balloon 10 commentsKen Tracy • November 18 2008 04:58PM

Comments

Ken.  Good to see you're already over that Catholic guilt thing :)

Posted by Leonard Thomas (RE/MAX Dallas Suburbs) almost 9 years ago

Hi Ken,

My philosophy, which covers a broad spectrum, "Less is MORE! I believe that applies well here.

Posted by Harold "Hal" Place (A1 Connection Realty, Inc.) almost 9 years ago

I find Ken that at times I have had to educate the Listing Agent as to the true value of the home based on research that I supply with the offer.  After all the buyers are paying based on this same information, why not provide it?

Posted by Kelly Klein, "Doing Great Things Today to Improve Tomorrow" (Berkshire Hathaway HomeServices | Pen Fed Realty) almost 9 years ago

Hi Leonard and Hal.  Thanks for commenting.

Oh Leonard, I knew you wouldn't like that.:)

Sounds like we are on the same page Hal.

Thanks again guys,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Ken - I afgree with you the house is only worth what a buyer is willing to pay for it.

Posted by Robert Schwabe, Orange Park Real Estate (EXP Realty) almost 9 years ago

Hi Kelly and Robert.  Thanks for reading.

Kelly, you supply research with the offer?  Sounds like a lot of extra work.

Robert, keep rocking.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Ken in real estate negotiation less is always more for your buyer!

Posted by Stephen D White, E-Pro, ABR Cape Cod Real Estate (SDW Realty of Cape Cod) almost 9 years ago

Hi Ken... Agents often do not realize how their behaviors betray them.  I'm with you, the more the other agent talks and tries to sell me on their client's home, the lower the counter offer is going to be... and their clients usually accept it.

Posted by Steve Shatsky almost 9 years ago

Hi Steve and Stephen.

Stephen, funny!

Steve, yeah, just let me off the phone!

Thanks guys,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Ken, I'm with you.  Less is more and in negotiations, isn't it always the first one to speak that loses?

Posted by Janna Scharf, Coeur d'Alene Idaho Real Estate Expert (Keller Williams Realty Coeur d'Alene) almost 9 years ago

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