MISTAKE #5: SHARING TOO MUCH
This common seller mistake goes hand in hand with failing to keep emotions in check. There are many reasons you might give away too much information. You could have become too friendly with the buyer, giving away more than you intended to, you might have inadvertently answered a question from a buyer or buyer’s agent skilled in negotiations, or maybe your emotions got the better of you. Downsizing can be an intense, emotional process, but reread Mistake #4 so you can remember that this is a business transaction. A good business transaction requires good 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
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