negotiator, you must avoid allowing emotions to overpower the situation to the point where you settle for a lower price or undesirable terms. For example, a great price with a contingency to first sell another property is tricky. The requested time required to secure and close another deal, along with other specified details are taken into consideration before ratification. Worrying about paying the mortgage while the home sits on the market for six months or having to move out of state are prime pressure points for sellers. Maintaining a home in showing condition for months on end can physically wear someone down. For some sellers, finding the right buyer can be mentally and emotionally straining. Knowledgeable buyers will push to the limit to get the price they want.
WHEN THE COMPETITIVE PRESSURE IS ON
When facing an informed buyer, remember that the party with the most options will win the negotiation. A buyer may have researched your home’s history on the market. If you have relocated, he or she may assume that you’re desperate to sell and will try to haggle for a lower price. On the flip side, if the buyer thought you had three other buyers waving higher offers, he or she would have to raise his price or walk away. Sharpen your senses to know when a buyer does not have other property options. Peak seasons in the real estate market will make a difference. Perceptions have a profound influence on negotiations. If an interested buyer believes you have rejected offers that were higher, you have the upper hand. On the flip side, the buyer may inform you of interest in other homes, pressuring you to accept the offer. The key to my being a power negotiator is to stay calm and focused during the process to avoid costly mistakes. Knowing your buyer’s motivation without exposing yours, I will give you the edge to negotiate the best deal.
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