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. Buyers look for time-sensitive situations to put the pressure on and really push their price. Savvy buyers (and their agents) specifically target sellers who give the impression of time constraints or release that information inadvertently—or the buyers find out another way. Homeowners in time-pressure situations include sellers in foreclosure, sellers behind on mortgage payments, sellers under contract for another home, sellers who are recently retired, and, yes, sellers who are downsizing. Buyers might come to you and ask questions to find out if any of these situations apply to you. Eagerness to please might be read as desperation. Let time be your friend. Even if you truly do need to speed up the downsizing process, you don’t need to show it. Remain level-headed. Yes, buyers do want to learn as much as they can to leverage that information at the negotiating table so that you agree to their terms and price. But your advantage is that the relationship is a two-way street and they might not want to walk away empty-handed after gaining your trust. By exercising patience, you can hold your position on terms and price.
THE DOS AND DON'TS OF NEGOTIATING
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