The Multifaceted Nature of Negotiating Purchase Price

Today I’ll discuss negotiating the purchase price on a home and share a story that reveals the importance of enlisting the help of a skilled agent in doing so.

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This past year, I had the privilege of simultaneously representing two buyers whose situations were somewhat dissimilar but mirrored each other in this way: Both buyers enjoyed favorable end results that they were thrilled to reap the benefits of.

While one buyer was looking to purchase a home, the other was in the market for commercial property. We found properties the buyers were interested in, respectively, and negotiated the purchase price for each. Here’s the difference—the commercial buyer successfully negotiated the asking price down by roughly $64,000.

Now, juxtapose that with the homebuyer, who paid $117,000 above listing price after negotiations, but in doing so, won a fiercely competitive bidding war against 11 other buyers. Not only that, the buyer had an additional $100,000 they were willing to offer if it had been necessary.

All in all, this made for very fulfilling buyer experiences for both parties.

There are a lot of particulars to bear in mind as negotiations on a home take shape.

The moral of this story regarding two unique sets of buyer circumstances and experiences is that there are a lot of particulars to bear in mind as negotiations on a home take shape—factors that include market value, appraised value, and assessed value.

In addition, there are certain questions that arise out of negotiations, such as: Is the property worth more to the seller than it is to the buyer or vice versa? And who’s actually setting the price—the seller or the seller’s agent?

As all these elements present themselves throughout your real estate transaction, you’ll want to have an experienced, skilled professional by your side to discern the true market value on the property you’re looking to purchase and to help you set a ceiling on the price you should pay for the property.

If you need help negotiating a great price in today’s market or with any other real estate-related questions, we’d love to provide our expertise. Please give us a call at 978-256-3306 or visit us online at www.HomesAreUs.com.

How OLD CAR Elevates Customers to Clients

Here is how OLD CAR protects clients throughout a real estate relationship.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

Today I’ll be discussing OLD CAR, but I’m not referring to a vehicle that’s seen too many miles. I’m talking about an acronym that describes, in a real estate relationship, the distinction between the customer level and the client level.

When a customer decides to engage with the services of a real estate agent, they’re elevating their status to that of a client. A client-agent relationship is mutually exclusive; each person is committed to working together.

These are the aspects of agent representation that protect clients throughout a real estate relationship.

This is where OLD CAR comes in, as a client enjoys the benefits of:

• Obedience
• Loyalty
• Disclosure
• Confidentiality
• Accountability
• Reasonable care

These are the aspects of agent representation that protect clients throughout a real estate relationship. However, during a situation where the agent is representing both the buyer and the seller, OLD is removed and the agent focuses on confidentiality, accountability, and reasonable care.

If you have any other questions or would like some more information, feel free to reach out to me. I look forward to hearing from you.

What Do Realtors Do to Remain Up to Date with Current Standards?

Continued education is an essential aspect of any agent’s real estate career, and today I’ll be discussing what the pursuit of self-betterment looks like for me, personally.

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Buying a Massachusetts home? Click here for full MLS access

In order to make sure real estate professionals stay up to par, there are certain mandates in place for their continued education.

Personally, I’m licensed in three states (Massachusetts, New Hampshire, and New York). This means I must follow licensing requirements for each of them. In New Hampshire and Massachusetts, Realtors must acquire 15 credits every two years to maintain their license.

In New Hampshire, for example, this entails taking a three-credit core course while earning 12 additional credits through others. Also, many of the supplementary courses in New Hampshire can also be applied in Massachusetts. Realtors licensed in multiple states should be aware of such things, as this will help them secure their credits as efficiently as possible.

New York brokers, meanwhile, can remain licensed via reciprocity. In other words, so long as their license in another state remains active, they can continue to practice in New York, as well.

Realtors must also take an ethics course every four years. This enables you to keep up with ethical standards set on a local, regional, and national level.

All of these efforts are geared toward my desire to become the best agent I can be.

The continued pursuit of self-betterment is essential for agents. That’s why, in addition to the required educational courses all Realtors must take, I have also been involved in coaching and training with the Mike Ferry Training Organization for the past 26 years.

I am always working to improve myself as a real estate professional, and the daily, weekly, and semi-annual opportunities and events that working with Mike Ferry provides are an integral part of this goal.

On top of all of these things, I am also involved in a mastermind group—something every agent should do. I speak to a dozen agents from across the country every two weeks about informational real estate resources so that we can learn and grow from each other’s input and experience.

All of these efforts, as well as reading various publications on success and business, are geared toward my desire to become the best agent I can be.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.