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Strategy. It’s probably the number one thing that separates average Toronto real estate agents from top Agents. It’s the number one reason so many of our clients get great deals on the house or condo they want to buy. Or actually get the house they want in a Bidding War.
Strategy is the reason we sell our listings 26% faster and 2.6% higher than the average home in Toronto. And yet, so many Realtors have no idea how to do it. Which of course, is good for our clients. And us.
If you’ve made the mistake of choosing to work with a Realtor who isn’t a strategy expert, here’s what you need to know:
Knowledge is Power – Knowing the other side’s motivation is critical to being able to effectively negotiate with them. The more dirt you can dig up (on the house or condo, the neighbourhood and of course, the other side), the more ammunition you have. You need to understand the market – what’s happening THIS WEEK. You need to understand your competitors. You need to understand yourself.
Keep People Talking – I learned this lesson many years ago in my previous life as an HR executive. People will tell you anything – if you just give them enough time.
Time – If people invest time in something, they are less likely to walk away. During negotiations, you can use short deadlines to exert pressure on the other side. Or long deadlines to communicate how confident you are in your position. You can use time to avoid a bidding war, by making an offer mere hours after a house comes on the market or by making a strategically-timed bully offer. We’ve presented an offer at midnight; we’ve bought a condo 1.5 hours after it came on the market; we’ve given people one hour to accept our offer.
Relationships Go a Long Way – Some people think they have to be bullies to get what they want. We disagree. Building trusting relationships goes a lot further to negotiating a good deal. From a Realtor’s perspective, strong relationships with other key realtors is crucial; and with our clients, well it’s our livelihood.
Principles Above All Else – Good agents are strategic AND have integrity. They use guerilla tactics to their client’s advantage while still being ethical. The best deal for our clients is always the best deal for us in the long-run. 70% of our business comes from referrals after all – and our reputation is everything.
Of course our best advice to you is to work with a real estate agent who is an expert in strategy. Trust us, it’ll go a long way to getting you the home you want at the price you want.