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 time spent in negotiating the sale, the more likely they will get the price they want. Buyers will invest time with you to create relationships, trust, and willingness on your part to agree to their terms. The advantage that may arise for you is that they may not want to walk away empty-handed after gaining your trust. By exercising patience, you can maintain your position on terms and price.
KNOWLEDGE IS POWER
As you read the paragraphs below keep in mind that if you've hired a professional agent they will be the ones answering the questions to the buyers or buyers agent, but I've added some coaching if you are handling your own negotiations. Information is the key to real estate negotiations. The more you know about the reasons the buyer wants your home the better you can negotiate with confidence. The more information the buyer can glean from you, the more pressure you will face. The more knowledgeable side will overpower the less informed at the bargaining table. The more insight the buyer has into your motivation to sell, the more powerful he is at negotiating. Don’t avoid questions. Don’t be unfriendly or uninterested. However, remember this is a professional transaction between strangers, and don’t be unnecessarily forthcoming, either. When the buyer asks what appears to be a tough question that may relate to an offer, he or she is looking for direct answers and your reactions. Stay professionally reserved and avoid showing anxiousness to sell.
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