5 Invaluable Property Negotiation Tips For Overseas Real Estate

20230526053617_647045517f690.webp

In the book Cross-cultural Business Negotiations by Donald W Hendon, there is this story about a US sales professional with years of negotiating prowess in the US, pulling down walls due to his aggressive negotiation skills. He was asked to negotiate a business deal in Japan and he failed because the same aggressive skills that brought home the bacon in the US was considered a sign of weakness and insincerity in Japan. So negotiating on foreign soil presents a little more challenge.

But whatever the reason for negotiating or the country in which you are negotiating, the important thing is looking beyond the surface and understanding the motivations of the other party. This might be hard to do when you have barriers like cultural, socio-economic, political and religious differences. But you can break through those walls and infer the motivations of the other party; study weak points, analyze your strong point and get a win-win result. Here are property negotiation tips to achieve these whether on home or foreign soil.

1.     Be respectful.

Being respectful and courteous tells the other party you’re calm and might signify you have the strong ground. This would make the negotiations an enjoyable ground for you. Moreover, everyone likes respectful people. Likability can work in your favor. But going in all firing with an aggressive attitude and you could be sending the wrong signals.

 

2.     Do not be afraid to ask for what you want.

Successful negotiators are assertive and challenge everything - they know everything is negotiable. Being assertive means asking for what you want and refusing to accept NO for an answer. (Check the difference between assertiveness and aggressiveness). However practicing being assertive will take care of your interests while maintaining respect for the interests of others. When you put your own interests in front of others and with a lack of respect, then you are negotiating aggressively.

 

3.      Listen.

The most popular word in the English language (or any other language for that matter) is "I". Therefore, it stands to reason that most people love to hear themselves speak. Communication is imperative in any negotiation. Negotiators are looking for that point that will unite the two sides and create a platform for a result. Good negotiators ask questions and then listen. The other party will tell you everything you need to know - all you have to do is listen. Follow rule 90/10 - listen 90% of the time, speak 10% of the time. Make a lot of open questions sit back, relax and listen and you will be amazed at what you hear.

 

4.     Be Prepared.

It’s not a good strategy when you have to sit down at the negotiating table and think "I wish I'd known that" or "If I just found out before leaving the office. Know whatever there is about the house, the neighborhood and the state before getting to the negotiating table.

 

 

5.     Always be willing to walk.

Never negotiate without options. If you rely too much on the positive outcome of a negotiation, you lose your ability to say NO. When you say to yourself: "I will walk if I cannot secure a negotiation that is satisfactory," the other side perceives that you mean business. Their resolution will force them to make concessions.

Doing your homework is vital to successful negotiation. You cannot make accurate decisions without understanding both sides of the process. The more information you have about the people you are trading with, the stronger your negotiating power.

Previous Post

Find Great Real Estate Deals

Next Post

Buy a Home Abroad Why You Need a Local Realtor

Related Posts

20230526050955_64703f231909e.webp

Whats the impact of Brexit on London real estate?

  • 25, September 2023

While some analysts believe Brexit has made the UK housing market porous. Others believe Brexit will pave way for a stronger housing market in coming years

 

The interaction between real estate and foreign policy is clear cut and this is more than proved by Brexit. As the March 2019 final Brexit negotiations approach, a precursor has been set, which might influence London's real estate market in coming years.

 

A recent report from international property firm, Knight Frank, puts London as the top favorite destination for global capital. This is due to the fact that London still presents liquidity and stability, factors attractive to investors.

 

Nick Braybrook, Knight Frank London's head of capital markets says ‘Despite the political turmoil surrounding the UK with Brexit, London is once again the most liquid real estate market in the world. It is more popular as a home for international investment than Paris Central, Manhattan, Munich, and Frankfurt combined,’.https://www.propertywire.com/news/global-news/londons-commercial-property-market-top-draw-international-buyers The influx of foreign investors particularly Asian buyers could be due to a weakened pound sterling, which has led to a slow growth in home prices.

 

According to an article by FT https://www.ft.com/content/87b1f284-1452-11e7-80f4-13e067d5072c "home prices have seen slow growth since the 2016 Brexit announcement. In May 2018, prices fell by 0.4% in London from an annual rate of 12% in 2016."

 

The pre-Brexit rise in home prices, which were growing at above 10 percent year over year before the EU referendum has given way to slower price growth. 2018 so far has seen a price growth of only 3% all over the UK. For millennials and London residents, the pre-Brexit rates had kept them on edge with staggering prices. Now the current fair price increases and a residential market that is more or less slow present better odds of landing favorable home deals.

 

Currently, London's economy is great. There is a low unemployment rate and inflation rates are down. Speculators, however, believe that the thriving economy will lead to higher interest rates soon. This means that first-time homebuyers would need to pay higher down payments on mortgages.

 

And even though foreign investment has decreased in most sectors, due to the uncertain climate surrounding BREXIT, real estate foreign activity is at its peak. Even the tax hikes introduced on foreign landlords, renting out their houses, hasn't diminished London's foreign real estate activity.

 

2019 will definitely be an interesting year for the UK's housing market, depending on the outcome of the final negotiations between the EU and the UK. However, an abrupt Brexit will do no one any good. Mark Carney, the governor of the bank of England has warned that a "disorderly" Brexit will lead to interest rate hikes which might greatly affect the property market.

 

According to FT, Theresa May’s government is actively seeking to avoid such a scenario. The prime minister has softened her position on Brexit in recent months and has agreed to a transition period that would maintain much of the status quo until at least 2021.

 

What changes do you think might take place before 2021? Leave your thought

By Bebuzee Admin Read More
20230526051353_6470401111146.webp

3 Types of Content Real Estate Agents should consistently Blog About

  • 02, September 2023

The most important aspect of agent-client relationship is communication. A house seller or buyer can find it stressful dealing with an agent or buyer who is not a good communicator. An agent that stays in constant contact with clients and answers their questions proves his or her proactivity.

 

Yes you need to let buyers and sellers know where they stand quickly so they can move on to another property or potential buyer. Real estate is time sensitive. Buyers and sellers need the right information and need it fast. Hence, one of the qualities of a good agent is the ability to give the right information to the right kind of buyer at the right time. What an experienced agent might deem insignificant information might be important information to clients who are new to the real estate game. Putting the right information in front of clients communicate that you're an agent who puts clients first.

 

It's the responsibility of a good agent to sort out what clients need to know and provide this information. Hence it's important that an agent has a well updated website complete with valuable information. You don't really need to pressure your clients with too much information. Just the right information will do. Here are five content types that real estate buyers and sellers find valuable.

 

REAL ESTATE CONTENT TYPES THAT WORK

 

When correctly done, real estate content marketing can be a game changer for your real estate business. You have the chance to attract thousands of new leads through well-researched, helpful content. This is why effective real estate bloggers put a lot of plan and effort into creating the right content for their real estate website. Here are some of the real estate content types you should be posting for your real estate business.

 

1. Market Reports. Writing a recap of real estate activity in your community for the month shows you as a knowledgeable real estate agent in the community. Buyers and sellers want to be informed about the real estate market in their area of residence. Even if they aren't going to take action immediately, when you post fact-based market reports, they know whom to approach for questions. Also, Google ranks market reports high. Since few realtors are posting them, your posts have less competition.

 

2. Local Community Information. A local community guide includes details about a neighborhood such as detailed information about the local real estate market, local economy, housing and population, local school information, parks and restaurants and attractions. This type of content is important because it increases your real estate website's SEO value and helps the area residents see that you have strong knowledge of the community.

 

3. Home buyer and seller tips. Both buyers and sellers have a lot of questions on their minds about real estate. Providing helpful information on your site can be timely and help you gain more leads. However, when covering the questions, your visitors would find it much more helpful if you cover the topic in 'extreme' detail and they'll love you for it.

 

Cold calling for sale by owners or door knocking is old school. A much better way of gaining trust and new leads is through helpful content.  When you consistently post content that real estate buyers and sellers love, you'll start reaping the benefits of real estate content marketing.

 

 

By Bebuzee Admin Read More
20230526051448_6470404819b05.webp

5 Inexpensive Home Improvement Tips To Improve Your Homes Value

  • 29, August 2023

Depending on your home's value, your market and comps in your neighborhood, you could consider making renovations in your home before listing. In a place like New York, however, where houses are being snapped up fast and prices are over the roof, renovating your house for sale might be a crazy idea. But in suburbs with high inventory, your house needs to measure up.

 

When selling, you wouldn't be looking through the same eyeglasses as a new homeowner. Your calculations and priorities will be much different. The most important thing when you have to consider value is return on investment. What renovations will make my house sell fast and at the same time give good return on investment? Before you embark on gutting your circa 1990 kitchen, the first thing you might need to do is consult an experienced realtor who knows what works best in your particular neighborhood.

 

You might find out that minor cosmetic upgrades will get more buyers through the door. And yea, the door is important. Instead of spending money on pricey renovations like adding a deck or basement revamp, Remodeling magazine’s 2015 Cost vs. Value Report says that replacing your existing front door with a new steel door will net you a 101.8% ROI for a minimal replacement cost of $1,230. Knowing which areas to spend on will help save you a lot of money when making renovations. Let's look at five low-cost ways to increase your home's value.

 

        Inexpensive Home Improvement Tips to Improve Your Home’s Value

 

1. Consider curb appeal. Nothing says 'welcome to this lovely house' to a prospective buyer as a nicely mowed lawn, a few shrubs here and there and a well-swept walkway. The first impression buyers have as they drive to your home is truly important. So, it's necessary you set the stage right. Hiring a good landscaper will be worth the money. Not only will your home appeal to prospective buyers, your neighbor would also love the effort.

 

2. Have a cohesive kitchen. Kitchen plays a big role in home improvement. Many Realtors call it the heart of the home. Indeed it is; since an average American homeowner spends at least 37 minutes daily in the kitchen. Sprucing up your kitchen demands that you create the impression of a clean and updated kitchen. One way to achieve this impression is creating cohesiveness, especially with color. Mix and match kitchens are not the best. If your kitchen appliances don't match, consider ordering new doors, e.g new cabinet doors or face panels for them.

 

3. Work on your bathroom. Next to the kitchen, bathrooms are important to potential home buyers. You can make a difference in your bathroom at a low cost by adding new toilet seat and a pedestal sink. These are also pretty easy for homeowners to install on their own. One thing you may not be able to do on your own but which will add value to your bathroom is replacing an old, discolored, bathroom floor with vinyl tiles. Bright, energy efficient lighting will also improve your bathroom's appeal.

 

4. Update closets. Cramped storage spaces are not attractive to potential buyers. You can step up your storage by adding a do-it-yourself wire and laminate system to bedrooms and pantries.

 

5. Check the mechanics. Having a minor inspection and working on existing faults in your home like faulty outlets, loose wires and water leaks give the impression that someone has really taken care of the home.

 

 

 

By Bebuzee Admin Read More