Know More Than Your Buyers
The two major elements of negotiation are motivation and skill . A motivated buyer wants the best deal, and you, the seller, want the best price. A skilled negotiator is an expert at working under the pressures of competition, time, information, and communication.
What Motivates a Flipper to Sell?
• Time on the market • Pressures of maintenance and upkeep • Emotional and mental stress
Selling your flip is a multifaceted process. The key to a strong negotiation is keeping your emotions in check. You don’t want to end up settling for a lower price because you let your emotions get the best of you. Worry is a powerful motivator, and if you’re in a constant state of anxiety about the mounting holding costs, you’ll feel the pressure, and it can wear you down. Also, finding the right buyer can be mentally and emotionally exhausting. Knowledgeable buyers can — and often do — push you to the limit to get the price they want, especially if they sense that you’re desperate.
When the Competitive Pressure Is On
When facing an informed buyer, remember that the one with the most options will win the negotiation. The buyer might have researched your property’s history on the market. If the property’s been on the market a while, the buyer could assume you’re desperate to sell and willing to take an offer. If the buyer has found out that you’ve got something personal going on, they
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