more important to make money or to close on a deal quickly? A thorough understanding of your goals will help you focus on what’s important in a real estate negotiation. You’ll have a better idea of which terms to seek, which concessions you’re willing to accept, which information to share with the buyer or buyer’s agent, and which information to keep “close to the vest.” Are you a motivated seller? Are you susceptible to pressures that would make you consider a lowball offer? Or do you have a plan to stay on course to reach your broader financial goals? Consider the factors that might motivate you to make uncomfortable concessions:
• Time on the market • Relocation • Pressures of maintenance and upkeep • Emotional and mental stress
No matter how deeply any of these factors might affect you, it’s important not to let them outwardly affect negotiations. Savvy buyers will probe your defenses. Cultivate a confident, engaging attitude when negotiating with a buyer, but be on your guard against giving away too much information that could be used to undermine your goals.
NOT SETTING A PRICE BASED ON RESEARCH
Earlier in this book, we explored the necessity of setting a price based on the many factors affecting your market and the unique characteristics of your property, including age, improvements, condition, location, and others. The negotiation with the buyer is where a shoddy price-setting process will come back to haunt you. If your home is overpriced or underpriced, you will enter the negotiating phase with a distinct handicap. You need to know your bottom line—your fallback position. What is the minimum price you are prepared to accept for your home in order to achieve your 109
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