Knowing your buyer’s motivation without exposing yours will give you the edge to win.
LET TIME BE ON YOUR SIDE
Time pressure is inescapable in the world of sales, and depending on which side of the sale you’re on, it can be your best friend or your worst enemy. It is present during antique auctions, construction job bids, car sales, and even when a child begs a parent for candy at the checkout lane. Time is a powerful tool in negotiations. Real estate agents will tell buyers that they won’t get a good buy unless a seller is under pressure. For this reason, smart home shoppers will want as much information about you, the seller, as they can get. If a seller is in foreclosure and needs to sell before losing the property, a buyer has the upper hand. He knows the seller is under a time constraint. Buyers look for time-sensitive situations to push their price. Sellers who are behind on mortgage payments, or are under contract for another home and dependent on this home sale are prime candidates for high- pressure tactics from savvy buyers. Buyers also play the waiting game. From their perspective, the longer the house has been on the market, the more flexible the seller will be. The same applies to negotiations. The more buyers prolong the time spent in negotiating the sale, the more likely they will get the price they want. By exercising patience, you can maintain your position on terms and price.
KNOWLEDGE IS POWER
Information is crucial to real estate negotiations. The more insight the buyer has into your motivation to sell, the more powerful he or she feels in the negotiation. For this reason, your goal is to find out more about them without disclosing any
82
Powered by FlippingBook