Skip to main content

FIVE NEGOTIATING TACTICS THAT CAN KILL A SALE















Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:

1. Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.

2. Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.

3. “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.

4. Nitpicking after inspection: Obviously if inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.

5. Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.

Comments

Post a Comment

Popular posts from this blog

4 TIPS FOR A PRODUCTIVE 2021

  4 Tips for a Productive 2021 (Family Features) This year has taught many workers a thing or two about being productive when offices and homes blend into one. As the calendar turns to 2021, consider these key products and processes to stay productive next year. Find a system (and stick to it): Creating an organizing system is an easy way to ensure your at-home workspace is ready for optimal productivity. Designate space to house all your work items – a drawer, cabinet or box – and keep work items organized by type (pens, papers, computer gear, etc.) At the end of each day, transitioning to “offline hours” can be easier when you have a place to stow your work items. Start your day clean: Studies have shown cleanliness has a direct impact on productivity. Yet, many people struggle to find the time and energy to clean, especially at the end of a busy day at home. An option like The DEEBOT T8 from Ecovacs provides a hands-free cleaning experien...
Post a Comment
Read more

UNDERSTANDING HOW POCKET LISTINGS WORK

Have you ever wondered what a “pocket listing” is?  Learn a little bit about this trend in hot markets and how an agent familiar with pocket listings can help you sell your home faster or find homes which haven’t hit the market yet. If you’ve been searching for a home or have been considering selling your home, you may have heard the term “pocket listings” from real estate agents or even friends and family. What is a pocket listing? Where did the term come from? How are pocket listings being used today to buy and sell homes? Pocket listings are homes which are for sale but not yet widely advertised or entered into typical MLS databases. Often an agent will enter into an agreement to sell a home, but will first reach out to their personal and professional network to see if anyone may be interested in a quick, private purchase. Ideally, the agent knows someone or another agent who has a client interested in the home and the whole process of listing and marketing the ho...
Post a Comment
Read more

UNDERSTANDING MULTIPLE OFFER SITUATIONS

In a seller’s market, multiple offers are not uncommon. But what does that really mean?  And how should you and your agent work together to generate the most interest in a multiple offer situation? Find out more in my post…  When inventory is tight and a market heats up, sellers often dream of finding themselves in a multiple offer situation. In a multiple offer situation, more than one potential buyer submits a written offer on the home. With multiple offers on a property, the listing agent can then try and “shop the top offer” in order to try and get the best deal possible for their client. If you live in a hot market, how do you structure your listing in such a way that you get the best possible offers in a multiple offer situation? One strategy for cultivating multiple offers is letting buyers know that the seller will only entertain offers on a certain date. Rather than deal with offers dribbling in one at a time, there’s a deadline for offers. When thi...
Post a Comment
Read more