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Why Your Chicago Real Estate Agent Needs to Be A Master Negotiator

Why Your Chicago Real Estate Agent Needs to Be A Master Negotiator

  • Shrake Group
  • 07/7/23

Negotiation is an essential skill for any realtor, but it is even more crucial in the Chicago real estate market. When your realtor has expertise with complex negotiations, you will benefit whether you are purchasing or selling property. The negotiation process requires effort, energy, and time to perfect. Skills such as listening, researching the current market trends, the ability to work with a variety of people and personalities, and keeping their client requirements front and center all make for a successful and expert negotiator.

With the constantly changing real estate landscape, your realtor needs to stay current on the latest market trends to provide an advantage in negotiations when the time comes so you can harness the best possible deal. Flexibility and adaptability are critical negotiation skills when looking for condos for sale on the Gold Coast of Chicago. Below are some reasons why your Chicago real estate agent needs to be a master negotiator.

Understand the emotional aspect of buying or selling

Expert negotiators understand there is more at stake than just the physical property. Buying or selling a home is an emotional experience, and professional realtors take this into account when going through the negotiation process. While they are not clairvoyant, their knowledge and emotional intelligence will help them understand what motivates the other side and how to respond to negotiate a successful real estate transaction appropriately.

Protect your interests

The terms and price of real estate favor the party with the most talented negotiator at the table. Working with a realtor experienced as an expert negotiator will give you an advantage and hopefully get a great deal for you. They know successful and beneficial strategies and how to adjust or modify your position as the negotiation process unfolds. These skills are especially critical when multiple offers and counteroffers are in play.

Listen to you and others

When your realtor is a master negotiator, they are also a great listener. By understanding what the other side is trying to accomplish, they can consider your and the other party’s interests to develop a viable deal. By paying attention, asking questions, and allowing the other person to speak uninterrupted, your agent will better understand what you want and what the buyer (or seller) is looking to accomplish. By doing so, your realtor can develop an effective strategy for negotiation when looking at homes for sale in Wheaton, Illinois.

Create great relationships

Creating a relationship based on mutual respect and trust is essential when establishing a successful negotiation approach. Building rapport requires your agent to develop a common ground. Doing so will ensure a cooperative method that benefits you. When your agent is a negotiation expert, they will also be a specialist at building rapport with fellow agents, buyers, sellers, and other real estate professionals.

Effectively read people and situations

In addition to building rapport and being expert listeners, your agent can read people accurately as part of their negotiation expertise. By doing so, they can evaluate the motivation, flexibility, and interest of the other party in the deal presented to them. Other cues such as facial expressions, body language, and tone of voice offer clues for the agent to understand better what the other person may have on their mind or where they are coming from concerning the negotiation process.

Diligently work for a fair deal

When you work with an agent with superior negotiation skills, you can rest assured that a fair outcome will occur that meets the requirements of both parties. Using a creative approach, your realtor will avoid giving in to demands and instead fulfill the interests of everyone involved. Your realtor needs to consider differing opinions, remain open-minded, and compromise for a win-win situation. By doing so, both parties will feel like they got a fair deal.

Gather superior market knowledge

Master negotiators are also savvy about the current market and stay on top of the real estate trends. By doing so, they can successfully negotiate using the latest information and build trust with you as a client and the other agent, buyer, or seller who may be part of the negotiation process. They will be viewed as a trusted resource for both parties, eventually leading to a fair negotiation everyone will be pleased to accept.

Prepared with contingency plans

The real estate negotiation process can be unpredictable, and you never know what could happen throughout the proceedings. A master negotiator will strategize and develop a contingency plan based on what they have learned from you, the buyer, the seller, or the other agent. Capturing all this information allows your realtor to go into the negotiation prepared and come out with a successful deal.

Value assertiveness

It is vital that any successful negotiator also be assertive and communicate respectfully. By doing so, your realtor will work to get you the best possible deal. Successful negotiators know how to stand up for their clients, remain firm on non-negotiable aspects, and turn down elements of the agreement that are not in the best interest of their clients. All these skills will benefit you as you navigate the real estate process when searching for homes for sale in Wilmette, Illinois.

Know when to walk away if necessary

Realtors with master negotiation skills know when to walk away. It may be time to step away when they feel they have exhausted all of their options and the other party will not budge on their terms. Having a realtor you trust with proven negotiation skills will help you identify whether or not a property is worth pursuing or if it is time to look for something else. An expert negotiator will ensure you do not take a bad deal you could regret later.

Contact The Shrake Group today if you are buying or selling property in the Chicago area. Their expertise in leveraging marketing tools, successfully negotiating real estate contracts, and effectively analyzing local market trends will ensure each step of your real estate transaction occurs smoothly and effectively.

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