In the realm of real estate, negotiations play a major part, and Realtor Grace Frank is ready to take on the role of "the negotiator" for her fellow Chattanoogans.
"Negotiating is an art, and utilizing a negotiating expert is vital to making the process as enjoyable as possible," Frank said. "I enjoy the process of creating win-win situations for my clients."
According to her, the real estate "process" is composed of the stages of a search, negotiations, due diligence and closing. Buyers and sellers need to be matched well and they both need a strong negotiations expert working on their case, she said.
"Each phase is important, but until you've properly matched a qualified buyer and seller, there's no basis for serious negotiation," said Frank.
Her approach to negotiations differs based on whether she is representing the buyer or the seller, she said. Key considerations for the buyer include protection during the due diligence period, projected return on the investment and optimal financing arrangements, while key considerations for the seller are net return and continued market exposure.
However, Frank said honesty is at the core of all she does in the field, no matter which side of the negotiating table she's on. "I promote mutual respect, expect each party to treat the other fairly, and have humor along the way," she said.
Deal breakers for both the buyer and the seller are also considered by Frank. She meets with both parties and asks them to lay out all "no deal" criteria and to be realistic in doing so to help ensure success for both parties in the sale.
"I've seen some sellers walk away from a deal due to a $500 price difference only to wait another three months for the next offer -- at an even lower amount," she said. "That's why being realistic is key."
When it comes to choosing a skilled negotiator, Frank recommends taking the Realtor's closing ratio into consideration. Those looking to buy should be interested in how successful the Realtor has been at helping to create instant equity at closings in the past, and how much the individual enjoys their work.
"I have the same level of enjoyment while negotiating a $50,000 deal or a $10 million deal," she said. "It's less about the money and more about the positive impact you have on someone's life."
While buying and selling a home can quickly become an overwhelming and emotional experience, Frank said it doesn't have to be. Though acknowledging that a home is one of the most valuable assets a person has, she encourages those involved to focus on the matter as a business transaction and try not to become emotional if possible.
"It's much easier when the customer feels confident that they have a competent professional representing their interests," said Frank. "Negotiating is an art and utilizing an expert is vital to not becoming overwhelmed."
She added that she also ensures clients understand this is one of their most important decisions, as real estate is an investment in their future.
For more information about Grace Frank and her services, visit GraceFrankGroup.com or call 423-355-1538 for a private consultation.