CHAPTER 15 The Dos and Don'ts of Negotiating 'ts of Negotiating Simply put, selling your home is a business transaction. Although it is a multi-tiered process, it is still a buyer negotiating to purchase a seller’s home for an agreed- price. You, as a seller, must keep this in mind. Opinions, emotions, and egos — on your part or the buyer’s part — could derail your efforts, so don’t be the transgressor. The more you know about negotiating, the better off you will be in getting the price you want for your home.
LET THE BUYER SPEAK FIRS EAK FIRST
Let patience be your guide in dealing with an interested buyer. Don’t be anxious to tell them what you are willing to accept; it may be lower than what they were willing to offer. Like any sale transaction, buyers have a price in mind. Don’t lose out; let the buyer speak first.
DON’T “MEET IN THE MID T IN THE MIDDLE”
Even in the simplest of sales transactions, agreeing on a price often includes “meeting in the middle.” For instance, a buyer speaks first and offers to buy an item for $350, when the seller is expecting to sell for $400. Most will split the difference and counteroffer $375. Instead, keep the splitting point in the seller’s favor by counter-offering $420, so that the midpoint is now $400. The buyer may take the offer or end up agreeing to $405, which is slightly more than what the seller planned to ask for. Maximize your negotiating advantage by counter-offering in small increments. Avoid following your inclination to “meet in the middle.” 92
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