Fair Realtor

A true blend of majestic old and elite modern, this property will give you a feel of luxury daily resort like living with inhouse sauna and a hot tub. It is on a 80 by 114 lot with tall trees for privacy. Close to all amenities, listed just for $819,900/. Easy access. See with confidence and call me for any questions or additional information.

143 Marie St | Bushan L Bhat | Bushan L Bhat Elegantly Designed And Skillfully Crafted Home For A Family With Taste, This Home Has Character With

Negotiating is Like a War....Of Minds

Negotiating is like a war. Not of weapons. But of minds. What your mind thinks is reflected in your body language, the language uttered by the negotiator and its tone and tenor. But the circumstances under which you negotiate matter more than anything else when negotiating in real estate. Let me explain.
But before doing that, let me set the premise that every person negotiating would do well to follow Sun Tzu’s advice applied to fields other than war, including real estate. While talking about war strategy, he famously said,” If you know the enemy and know yourself, you need not fear the result of a hundred battles.” If you or your realtor know well, what kind of property you are looking for, what price point is acceptable to you, and then also know about the motivation of the seller, the battle of buying a property will become a cakewalk. The same would apply when you are selling a property.
People often think that in a buyer’s market or a seller’s, negotiating is a one-sided affair which cannot be won by the other side. That is not true. You can get beaten without knowing that you have been. Let me give you a real example.

Edmonton market has been very slow. Since I was authorized to operate in Alberta as a Real Estate Associate, I decided to accede to the request of a friend in helping him buy a property there last year. He saw a property which was listed for close to a million and one hundred and fifty thousand dollars in the market. A beautiful bungalow on an acre of land, where the back opened on protected area where you could see wildlife, including herds of deer in daytime. After seeing the property, he waited for three to four months looking at other options. Finally, he wanted to make an offer on this one, which was still unsold. Since the market was slow, he thought if he got the property for one hundred fifty to two hundred thousand less, it would be a good steal. Rightly so. To any non-professional, a price between $940k to $960k would be acceptable. If we had followed that strategy, it would have worked, and all parties would have been happy. But on studying the market and its conditions, and the motivation of the seller, I thought we could do even better.
There is a fine and subtle difference between an offensive and a competitive offer. Based on my recommendations, we started at and finalized the deal at $900k. My friend and his family felt ecstatic. They live there very happily today.
What helps in negotiations is how well you understand the market, and whether you have a clue about the motivation of the other side. The idea is not to get overwhelmed or let your emotions drive you when buying or selling a property. And that is where the role of a good realtor helps.
GTA had seen a seller’s market for years. It slowly tapered off to the semblance of stability during the last two years. Those who bought with their emotions running high and trying to outbid others in multi-bid wars, were all poor negotiators. They failed and are bearing the consequences today. The values of many such properties today are lower than the amount they were bought for.
One of the major reasons why every buyer and seller should engage the services of a realtor is that a professional helps you look at a proposal or an offer without emotions. A good negotiator works as an artist. Neither as a hustler, nor as a meek yielder. He negotiates from a position of dignified strength.

Au Revoir
Bushan Bhat