Buyer Agency
This term describes the relationship where a real estate agent represents the buyer's interests exclusively.
What is Buyer Agency?
In negotiations, this tactic involves making a very low offer in hopes of starting the bargaining process at a lower point.
What is "lowballing"?
This document details the findings of a professional home inspection.
What is a "home inspection report"?
When a buyer says the price is too high, a common response might be to highlight this.
What is "comparable sales data" or "market value"?
This marketing method involves showcasing a property through a video or live feed.
What is a "virtual tour"?
The document that outlines the terms of service between a buyer and their agent, often detailing how the agent will be compensated.
What is a Buyer Broker Agreement?
This is a common strategy where one party might express disinterest or walk away from the negotiation to gain leverage.
What is "bluffing" or "playing hard to get"?
The time frame during which a buyer can request repairs based on inspection findings is often called this.
What is the "repair period" or "due diligence period"?
To address concerns about location, you might offer this to show convenience.
What is "proximity to amenities" or "location benefits"?
This term refers to the first event where a new listing is shown to potential buyers.
What is an "open house"?
When a buyer's agent finds a property listed by another agent, this term describes the fee paid to the buyer's agent from the listing's commission.
What is a Co-op Commission?
This negotiation technique involves giving something to get something in return, often used to close a deal.
What is "concession"?
If a major appliance fails shortly after purchase, this might cover its replacement or repair.
What is a "warranty"?
If a buyer is worried about future costs, you might discuss this to reassure them.
What is "maintenance history" or "energy efficiency"?
Using social media to promote listings falls under this type of marketing strategy.
What is "digital marketing" or "social media marketing"?
This is the act of a buyer's agent providing advice, guidance, and advocacy on behalf of the buyer, which might include negotiating the purchase price.
What is Representation?
This negotiation tactic involves creating a sense of urgency to push the other party to make a quick decision.
What is "creating a deadline" or "time pressure"?
This type of inspection looks for the presence of termites, mold or fungus.
What is a "WDO inspection"?
A psychological technique used to reduce buyer's remorse by making the home feel like their own before they've even moved in.
What is "guided visualization" or "future pacing"?
To attract an audience in a particular demographic or economic status, real estate agents might use this type of advertisement.
What is "targeted marketing" or "niche marketing"?
This term refers to when a buyer's agent brings a buyer to a property without a pre-existing agreement, potentially leading to a dispute over who gets the commission.
What is Procuring Cause?
When both parties in a real estate negotiation share information and work towards a mutually beneficial outcome, this type of negotiation is being used.
What is "integrative negotiation" or "win-win negotiation"?
This type of inspection is normally separate from the general home inspection and focuses on the plumbing system of the home when the property is not connected to city sewer.
What is a Septic Inspection?
This common objection from sellers in real estate negotiations often revolves around the percentage charged for services, leading agents to justify their value through expertise, marketing, and negotiation skills.
What is "commission rate"?
This marketing approach involves fashioning a home to appeal to the broadest possible audience.
What is "universal design" or "staging"?