negotiation — which means you need to be careful about what information you share. Why is this important? An informed buyer can easily gain the upper hand if you’re not careful or aware. If you share too much information with the buyer and the agent, you give away your advantage. When facing an informed buyer, remember that the party with the most options — and information — will win the negotiation. For example, the buyer might learn that you’re downsizing. Now, this isn’t necessarily something you shouldn’t reveal to the buyer and their agent, but if you let slip that you’re in a hurry to downsize, for whatever reason, then the buyer could assume you’re desperate to sell and willing to take their offer. The buyer could even lowball the offer. If you show too much sentiment during the negotiations, talking about your longtime family home and all the cherished memories, then the buyer could try to leverage that fact by playing into your emotions to get the deal they want. The more information the buyer can glean from you, the more pressure they can exert. The more knowledgeable side will overpower the less informed side at the bargaining table. So be careful what you share. And keep in mind that learning about your buyer’s situation and motivation — without exposing your own — will give you the edge you need to win.
MISTAKE #6: NOT TAKING ADVANTAGE OF TIME
Time can be your best friend, or your worst enemy. Many homeowners who are selling (downsizing) make the mistake of not taking advantage of time. During the negotiation process, you need to let time be on your side. It’s an incredibly powerful negotiation tool.
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