Make Real Estate Transactions Smooth

By Author: Mahender pal
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Buying a property, especially a home becomes emotional for the buyers. As a real estate agent, you have to be the voice of peacemaker and soften. Whereas many transactions are complete with little negotiations, others are haggling over the price, repairs, timeline, etc.; as a real estate agent, you have the power to set their expectations and to take all back-and-forth negotiation in stride. Let's discuss some tips on making the smooth transaction of real estate.

Making a good offer
making an offer is art. It's a balance between price, time duration, contingencies, and the terms of the deal. To fix the deal with the most favorable terms, you must make your buyers aware of the market and the important factors when building an offer.

Competing with more clients

Competing offers can bring buyers stressful, exciting, and queasy moments. If the buyer becomes aware of a competing offer, you ask them to think about property value.
They are probably considering revising their offer to be the highest and best. They should note that price is just one factor in the seller's decision.
The seller ...
... can negotiate one offer at a time till there is a binding deal. There can be a situation more than one offer will be received at a time. In this situation, the buyer will probably be interested in knowing that they have put forth their most substantial proposal.

When two buyers liked the same property
In a few cases, It can happen that you will have two clients who are interested in the same property. This can put you in a tough situation; while both buyers are due fiduciary duties, you cannot give one buyer over another one. In this condition, you may not provide the price or strategy recommendation, and you may not advocate for either buyer. Information needs to be kept secret. And you should disclose this to both clients interested in the same property. If you don't find yourself good with this role, you can ask a buyer to look for another agent.

Negotiating counter offers
If the seller doesn't like the starting offer, if they find the offer value is low, they can come back with a counteroffer; make sure that you make clients ready for this possibility.
If the clients decide to give the second counteroffer, they disagree with the seller's offer.

Completing the final process of the transaction
When the final acceptance is under contract, it doesn't mean your work is over; you need to ensure that the client is still on track until the complete transaction. You need to keep the time-sensitive tasks in order before reaching the final step of closing the deal.
A good real estate agent is one who has good knowledge and is competent; he should be friendly in communication and negotiation as well he should have a complete understanding of conducting a real estate transaction.

Making an Offer
Once you decide to buy a home, your realtor will prepare what’s known as Offer to Purchase. This written formal real estate contract lists the price, conditions, and the terms for purchase.

The buyer presents the written offer and once accepted, it becomes the contract between the buyer and the seller. To ensure you reach an acceptable agreement that’s favorable to all, make sure your buyers are aware of the market and key factors that matter most when constructing an offer: These factors include:

Financing
Inspection and repairs
Property insurance
Time frame
Comparable properties
To ensure the initial stage of the buying process goes smoothly, it’s important to advise the buyer to submit the offer on time—the earlier the better. Successful realtors use robust tools, such as real estate transaction management software to create automated checklists and reminders so they will always remind buyers of what’s expected of them on time.

Competing With Other Buyers
At times, the seller may receive more than one written offer on a property. This competing offer situation creates unique circumstances for the buyers and it’s important for all the parties to understand how to deal with this situation.

While not obliged by law, sellers are at liberty to disclose the number of buyers interested in the property. It’s entirely up to the seller to disclose this information and it can sometimes work in their favor. Why?

Once the buyer is made aware that they are in a competing situation, they may want to relax some terms or conditions in an effort to compel the seller. For instance, they may go easy on inspection and repairs or offer a competitive price to improve their offer.

Negotiating Counter Offers
If the seller doesn’t find the initial offer acceptable, they may come back with a counteroffer. A seller may suggest a counteroffer if the buyer’s price is too low or where requests for repairs and inspection are stringent.

Make sure to prepare the buyer for the possibility of a counteroffer. In the event of a counteroffer, the buyer may choose to:

Accept the counteroffer
Counter the counteroffer
Reject the counteroffer and opt for another seller
If the buyer rejects the seller’s counteroffer, they may choose to write another offer (a second counteroffer) and leave it up to the seller to accept or reject it.

Closing the Deal
If the offer is accepted by both the buyer and the seller, it becomes a binding contract. However, that doesn’t close the deal.