Real Estate Negotiation: Techniques, Objections, and Closing - Prof. Mack J. Sirgy, Study notes of Marketing

Download Real Estate Negotiation: Techniques, Objections, and Closing - Prof. Mack J. Sirgy and more Study notes Marketing in PDF only on Docsity! 2/22/10 Negotiating o Negotiating role of the real estate agent o Target price, reservation price, and Best Alternative to a Negotiated Agreement (BATNA) o Zone of Potential Agreement: (ZOPA) o Value creation and trade-offs in negotiation Responding o Conditioning the buyer o Anticipate objections  How to meet objections  Turning objections into reasons for buying  Compensation  Ask Questions o Ten common objections o Know the property o Know buyer needs Ten Common Objections o A new house is better than an old house o The down payment is too high o We want to think it over o The house is too far from the job o The house has no basement o We would rather continue renting than buy now o The price is too high o The house is in poor condition o We don't like the neighborhood o We are not ready to buy yet Closing o Closing Techniques  Assumptive close  Summarizing advantages  Balance sheet approach  Closing on a single objection  Closing on minor details  The scare technique  The alternative choice o After Acceptance  Appraisal  Inspections  House Inspections  Pest inspection