during the process to avoid costly mistakes. 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, recently retired, or are under contract for another home and dependent on this home sale are prime candidates for high- pressure tactics from savvy buyers. Buyers may come to you and ask questions to find out if any of these situations apply to you. Eagerness to please them may be read as desperation. Buyers also play the waiting game. In real estate, acceptance time can be a powerful tool in price negotiations. 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 they stretch out the negotiations, the more likely they will get the price they want. Why? Buyers want to become friendly, want to create trust, and ultimately want your willingness to agree to their terms. Your advantage is that the relationship is a two-way street and they may not want to walk away empty-handed after gaining your trust. By exercising patience, you can maintain your position on terms and price.
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