CHAPTER 13 The Dos and Don'ts of Negotiating
The more you know about negotiating, the less likely you are to create a needless detour during the sale process. Opinions, emotions, and ego may attempt to derail your efforts; don’t be the transgressor.
DO LET THE BUYER SPEAK FIRST
Let patience be your guide when dealing with an interested buyer. Don’t say what you’re willing to accept. Like any sales transaction, buyers have a price in mind. Do not 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 “MEET IN THE MIDDLE”
Even in the simplest of sales transactions, agreeing on a price often includes “meeting in the middle.” For instance, a buyer speaks first and offers to buy an item for $150, when the seller is expecting to sell for $200. Most will split the difference and counteroffer $175. By keeping the splitting point in the seller’s favor by counteroffering $220, the mid-point is now $200. The buyer may 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 by “meeting in the middle.”
DON’T ACCEPT LOW-BALL OFFERS 74
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