I’ve helped hundreds of people buy homes here in NYC, some for 15% to 20% below their asking price via negotiation. How do we do it? Here are three tricks of the trade:
1. The sellers and their agent should view you as trustworthy. In NYC, this is especially important. You do not want to set a paradigm of being adversarial. You want to be friendly and polite and for people to like you.
"Thinking outside the box is key."
2. Add value outside of the box. For example, we recently got a deal done where we donated a sum of money to the employer of one of the principals, who had a big charity. In donating $1,000 to the charity, we were able to come to an agreement over a price gap that was originally $70,000. Adding value in other ways besides price is huge. It could be anything from appliances to tickets to an introduction to a third party. That’s the secret to masterful negotiation: thinking outside the box.
3. Relate to the data. Why should this seller think they’re going to sell their home for more than anyone else ever has? Constantly reconnecting to the data that suits you is your friend.
When you’re negotiating, if you want to get the best possible deal, you need to do these three things. If you have any questions or would like to work with me and put my expert negotiation skills to work, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.