Negotiations are the secret weapon of a commercial real estate broker. This winning three step process facilitates transactions and lets each side achieved their goal. Professionals ask, listen and merge information until they reach a meeting of the minds. Then, the clients and property experts quickly put the agreement in writing and open escrow moving towards a successful closing.
Asking
The commercial agent consults with each party or their agents to discover what the people want, need and why. Purchasers asking for a lower price may need financing help. Sellers wanting all-cash may only think they need cash to pay off the loan on the real estate.
Listening
When gathering information, these specialists carefully listen to what is said and clarify what they heard. A buyer with only a 30% down payment needs 40% down to get financing. When asked about the price, the buyer had no problem with what the seller was asking; he just did not have the extra money he needed. The seller has an underlying mortgage with a private individual; the paperwork says this must be paid off when the property is sold.
Merging
Once the needs of both parties are clearly understood, the professional has something to work with. The experienced agent structures the deal different ways trying to find a solution to this dilemma. If the seller agrees to carry a 10% second, the lender may finance the property. The person with the private loan on the seller’s property may be very happy to continue collecting payments if she is asked.
Although this process sounds simple, it is a complex procedure. Discovering the real problem or problems takes time. Analyzing the issues and discovering solutions comes with experience and determination. If the negotiation is successful, the transaction happens. A great commercial real estate broker uses this secret weapon often.
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