CHAPTER 18 Negotiation Mistakes
Negotiation is an art, and avoiding common pitfalls is just as important as employing the right strategies. A single mistake can cost you thousands of dollars. Let’s explore some of the most frequent negotiation errors and how to steer clear of them.
Mistake #1: Not Understanding the Buyer's Motivation
Price isn’t the only reason people buy a home. Often, a buyer is drawn to a specific feature or has a compelling reason to purchase quickly. Learning their motivation can give you a significant advantage. • Example: A buyer may love your backyard because it’s perfect for their children or pets, or they might need to close quickly due to a job transfer. • How to Learn More:Ask indirect but conversational questions, such as, “What drew you to this neighborhood?” If they have an agent, ask questions like, “What do your clients love most about this home?” • Why It Matters: Understanding their motivation allows you to tailor your approach and negotiate from a position of strength. Mistake #2: Meeting in the Middle Too Quickly Many sellers fall into the trap of meeting in the middle during negotiations. While it seems like a reasonable compromise, it can often leave money on the table.
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