Whether you’re buying or selling a home, you need a top-notch agent in your corner. There are many qualities you should look for during the hiring process, but one of the most useful is negotiation expertise.
Of course, other factors also matter a great deal throughout your real estate journey. That said, working with a true professional who has mastered the art of negotiating is essential if you want the best price, terms, and conditions. In this post, we’ll take a look at what this valuable skillset looks like, and what it means when it comes to West Toronto Real Estate.
What Does Effective Negotiation Look Like?
Negotiation skills in the real world often appear vastly different from the impression you might get by watching TV and movies. Knowing what to say, when to say it, and how to say it all play a role. However, it’s a little more complicated than that.
Crystal clear communication lies at the heart of all successful negotiations. As real estate agents in West Toronto, we are committed to serving our clients so they get the best outcomes possible.The whole process begins with a conversation, and understanding the other party’s perspective is also critical. This is why we often recommend working with a team with experience in representing both buyers and sellers. When you’re selling, you want to know what the buyer wants and needs. The reverse is also true; you should understand what the seller wants to accomplish when you’re searching for a home.
Looking for more tips to help you get a great deal when buying West Toronto real estate? The resources below will give you food for thought:
- 5 Little Known Things to Look For When Touring a Home
- A Guide To Buying Your First Home In Toronto
- Buying an Older Home In Toronto’s West End
What Makes West Toronto Real Estate Unique?
Obviously, a real estate agent who knows how to negotiate is always important. However, the unique challenges and opportunities in West Toronto make it even more critical. Here, the market can move quickly between buyer’s markets and seller’s markets and back again. Plus, the landscape can be different from one neighbourhood to another.
No matter where in Toronto you’re buying or selling, housing prices generally tend to be higher than most other cities. To top it all off, there are rarely enough listings to keep up with all the demand. The market can soften, causing buyers to occasionally step back based on economic conditions such as inflation and interest rates. However, this pent-up demand is always there.
- When buying, a skilled negotiator can mean the difference between getting great value on a house you love, overpaying, or even getting priced out of the market.
- When selling, this negotiation expertise helps you command the highest amount from your home, which empowers you to make your next purchase.
Here are five more benefits you can expect when you choose to work with a real estate agent who is also an expert negotiator.
1) A Quicker Closing
For most home buyers and sellers, a relatively quick transaction is ideal. Unfortunately, agents who don’t have in-depth negotiation expertise don’t always know how to keep things moving. By working with a professional who knows when to take action, when to hold back, and which information to present along the way, you can avoid a long, drawn-out process.
2) A Better Price
While you probably want to make it to closing efficiently, that shouldn’t come at the expense of a great price. If you’re buying, an effective negotiator can help you save as much money as possible—without turning the seller off during the offer stage. Of course, if you’re selling your home, you’ll have the opposite goal. While negotiations are all about coming to an agreement that everyone is happy with, it’s important to have a professional by your side whose goal it is to get the price where you want it.
3) Peace of Mind
The back-and-forth of a real estate transaction can be stressful. The truth is, most people aren’t natural negotiators, which is exactly why you shouldn’t enter into the process alone. When you work with someone who’s been through it many times before, you can rest assured that their actions are based on proven strategy—not best guesses.
4) An Advocate
When you’re at the negotiation table, it feels good to have someone looking out for your interests alone. That means a real estate professional who will fight for you. As a market expert, the agent you work with should use relevant local data and psychological insight to achieve the best possible outcome on your behalf. Plus, they are under a legal duty to represent your needs to the best of their ability.
What should you know before selling your Toronto home? The posts below will bring you up to speed:
- What Every Seller Should Know About Home Inspections
- 5 Landscaping Tips For Home Sellers
- 5 Tips to Make Your Home Irresistible to Young Buyers
5) Those Little Extras
In real estate, negotiations often go beyond money. As a buyer, you can ask for everything from having repairs completed to getting the seller’s help with your closing costs and. Even those gorgeous light fixtures you saw during your viewing could be on the table! Sellers can counter buyer offers to secure a more flexible timeline, have home-buying conditions removed, and more. The point is, a great negotiator knows how to push for a deal that will meet as many of your requirements as possible.
Whether you’re ready to purchase a home or you’re preparing to put one on the market, chances are good that you’ll wind up negotiating. Having a pro by your side can help ensure that you hash out a deal you’re truly happy with!
Preparing to buy or sell a home? We know the process inside and out, and we’d love to walk you through it! Get in touch at info@sidorovainwood.com or call 416-769-3437 to get started!
