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’ll get the price they want. Why? Buyers want to become friendly, they want to create trust, and they ultimately want your willingness to agree to their terms. Your advantage is that the relationship is a two-way street and they might not want to walk away emptyhanded after gaining your trust. By exercising patience, you can hold your position on terms and price.
Knowledge Is Power
Information is crucial to real estate negotiations. The more information the buyer can glean from you, the more pressure they can exert, and this, of course, goes both ways. Whichever side is more knowledgeable will overpower the less-informed at the bargaining table. Don’t be afraid to answer tough questions. When the buyer asks, they will be looking for direct answers and your reactions to these questions. Any reluctance on your part will show the buyer a lack of confidence. The best way to handle a tough question without giving out too much information is to answer with another question. If they ask you if your home has been on the market for too long, simply answer imprecisely — e.g., “not long” — then ask them how long they have been looking. Their answers empower you just as much as your vagueness weakens them. When asked why you’re relocating, answer with vague reasons, such as downsizing or eliminating stairs. Again, turn the tables
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