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 might try to leverage that fact by playing to your emotions to get the deal they want. On the flipside, if you have had multiple offers, and the buyer is aware of this, they would know they have to come with their highest and best offer first, or walk away. Always remember that it takes two to make a deal, and always trust your gut. Sharpen your senses and research the market to know what is happening. For instance, if it is a sellers market, then be aware that a buyer doesn’t have other property options (because the market is hot and houses are going quickly). On the other hand, if the market is a buyer's market where there are multiple homes available similar to yours, make sure you have appropriate expectations and know what a good and fair offer would be in this time. As stated in a previous chapter: know the type of market you are in. Do you have the upperhand? or does the buyer? This will be determined by the inventory lever and demand of the buyers. It’s also possible that the buyer will let you know that yours is not the only home in which they’re interested to pressure you to accept their asking price. The key to being a power negotiator is to stay calm and focused during the process to avoid costly mistakes and to be educated on the type of market you are in. Knowing your buyer’s motivation — without exposing your own — will give you the edge to win.
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