CHAPTER 18 Negotiation Mistakes

Let’s start with some negotiating mistakes to avoid. After all, what you don’t do is going to be more important than what you do! One slip of the tongue can result in a negotiating mistake (and hurt your pocketbook, too!).

COMMON NEGOTIATING MISTAKE #1: Not Learning the Other Party’s Motivation

Price isn’t the only reason people buy. They might really like a certain feature in your home. They might be willing to pay more because of that feature. Sometimes they might absolutely love that feature. They’ve been hunting for a while and finally found a home meeting their needs completely. That means they’re willing to pay more for your home. If you meet the buyers, you should ask them why they are buying a home . They might tell you they are being transferred and must find a home by a certain date. If you know that, you’ll be able to negotiate a higher sales price. If the buyers have an agent, ask the agent for information. Here are some questions you can ask:

• Why do the buyers like this home? • Where are they moving from? • How does this home compare to other homes?

You shouldn’t be as blunt as that when chatting with the buyers, but often you can find answers to these questions in a roundabout 75

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