many-layered process that appears more personal than business, at its heart, it’s simply a buyer negotiating to purchase a seller’s home for an agreed-upon price. You as a seller must keep this fact in mind. Opinions, emotions, and ego will attempt to derail your efforts; don’t be the transgressor. The more you know about negotiating, the less likely you are to create a needless detour during the selling process.
Do: Let the Buyer Speak First
Let patience be your guide when dealing with an interested buyer. Don’t be eager to tell them what you’re willing to accept; it might be lower than the buyer was willing to offer! As in any sale transaction, even if it is to buy a lawn mower at a yard sale, buyers have a price in mind. For example, they might, unbeknownst to you, be willing to pay $200 for the mower, but when they ask what you’d accept, you say $150. Don’t lose the advantage of being able to counteroffer. Let the buyer speak first. That’s why it’s called an offer. It will either be an offer you can accept, or you will at least have more knowledge about what price the buyer has in mind.
Don’t: Automatically “Meet in the Middle”
Even in the simplest of sales transactions, agreeing on a price often includes “meeting in the middle.” For instance, in the lawnmower scenario above, a buyer speaks first and offers to purchase an item for $150, when the seller is expecting to sell for $200. Most sellers will split the difference and counteroffer $175. By counteroffering $220, the mid-point becomes $200, keeping the splitting point in the seller’s favor. The buyer could take the offer or agree to $205, which is slightly more than what the seller planned to ask for. Maximize your negotiating by counteroffering in small increments. Avoid following human nature; don’t simply “meet in the middle.”
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