If an interested buyer thinks you have rejected offers higher than his, you have the upper hand, and he might feel pressured to offer more. It’s also possible that the buyer will let you know that yours is not the only property in which they’re interested to pressure you to accept their asking price. The key to being a power negotiator is to stay calm and focused during the process to avoid costly mistakes. Knowing your buyer’s motivation — without exposing your own — will give you the edge to win.
Let Time Be on Your Side
Time pressure is inescapable in sales. Depending on which side of the sale you’re on, it can be your best friend or your worst enemy. It’s present during antique auctions, construction job bids, car sales, and even when a child begs a parent for candy at the checkout lane. Time is a powerful tool in negotiations. Buyers may come to you and ask questions to find out if any time-sensitive situations apply. Your eagerness to please them might be construed as desperation. 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 property has been on the market, the more flexible the seller will be. The same applies to negotiations. The more they stretch out the negotiations, the more likely they’ll get the price they want. Why? Buyers want to become friendly, they want to create trust, and they ultimately want your willingness to agree to their terms.
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