Selling your home is a multifaceted process. To be a strong negotiator, you must avoid allowing emotions to overpower the situation to the point where you settle for a lower price. Worrying about paying the mortgage while the home sits on the market for six months or having to move out of state are prime pressure points for sellers. Maintaining a house in showing condition for months can wear someone down physically. Finding the right buyer can be mentally and emotionally straining for some sellers. Knowledgeable buyers will push to the limit to get the price they want.
WHEN THE COMPETITIVE PRESSURE IS ON
When facing an informed buyer, remember that the party with the most options will win the negotiation. The buyer may have researched your home’s history on the market. If you have relocated, they may assume you’re desperate to sell and will try to haggle for a lower price. On the flip side, if the buyer thought you had three other buyers waving higher offers, they would have to raise his price or walk away. Sharpen your senses to know when a buyer does not have other property options. Perceptions have a profound influence on negotiations. If an interested buyer believes you have rejected higher offers, you have the upper hand. Alternatively, the buyer may inform you of interest in other homes, pressuring you to accept the offer. The key to being a power negotiator is to stay calm and focused during the process to avoid costly mistakes. Knowing your buyer’s motivation without exposing yours will give you the edge.
LET TIME BE ON YOUR SIDE
Time pressure is inescapable in the world of sales. It is evident during antique auctions, construction job bids, and car sales.
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