Let Time Be on Your Side
Time pressure is inescapable in sales. Depending on which side of the sale you’re on, it can be your best friend or your worst enemy. It’s present during antique auctions, construction job bids, car sales, and even when a child begs a parent for candy at the checkout lane. Time is a powerful tool in negotiations. Buyers may come to you and ask questions to find out if any time-sensitive situations apply. Your eagerness to please them might be construed as desperation. 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,
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