by Stephanie Sievers
Some of the old rules have changed with today’s real estate market and that includes the art of negotiating successful contracts, Instructor Lynn Madison told the packed crowd of Illinois REALTORS® attending her CE course, “Pitfalls and Possibilities: Presenting and Negotiating Contracts” on Wednesday at the IAR Convention and Expo.
The generalized “housing market” that people may be hearing about nationally doesn’t necessarily reflect what is happening in individual Illinois communities or even neighborhoods and REALTORS® need to share that information with both buyers and sellers so both sides are prepared to negotiate, Madison said.
Buyers need to know that it is not going to be a “fire sale” on all properties and sellers have be prepared for low offers, seller concessions and home sale contingencies, she said. Both sides need to know the realities of the “local” market and REALTORS® can do that by sharing information about supply and demand, market absorption rates and other statistics.
When presenting the offer, there are cases to be made for the buyer agent to be present (to answer questions and explain the buyer’s position) and reasons why they should not (the sellers can’t handle it or the buyers agent might alienate the seller.)
As for the rest of the IAR Convention and Expo, Madison urged those in the audience to use the time to mingle and network with other real estate professionals attending.
“It doesn’t make sense to hang out with the people from your office. Last time I checked, they weren’t giving you business,” she said.
