Here is an example. A person I know was trying to buy some video equipment. He thought the best price he could get was $1,500, but he was willing to pay up to $2,000. He asked the seller what he wanted for the items. The seller responded that he didn’t know what he wanted. He offered to pay $1,500, and the seller accepted it. Later, the buyer learned that the seller had been desperate and had expected to be paid only $800 to $1,000. If the seller had mentioned a low opening price first, the buyer would have saved $500!
COMMON NEGOTIATING MISTAKE #5: AKE #5: LETTING YOUR EGO GE UR EGO GET INVOLVED
What is your final goal? You want to sell your property quickly for top dollar, right? Keep that goal in mind during the entire negotiation. I have seen people kill a potential top dollar sale simply because they didn’t like the buyer. Or, the buyer started negotiations with a lowball offer, and the seller got offended. Most lowball offers can be negotiated to a higher price. Some buyers have a big ego and think they are great negotiators, when they aren’t. What is their definition of a great negotiator? Someone with a big ego who tells people off and walks around like they own the world. They think being abrasive and rude will get them a better deal. They throw around “take-it-or-leave-it” offers.
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