in showing condition for weeks or months, worrying about paying the mortgage while the home sits on the market month after month or having to move out of state are prime pressure points for sellers.
WHEN THE COMPETITIVE PRESSURE IS ON
When facing an informed buyer, remember that the party with the most options will win the negotiation. The buyer may have researched your home’s history on the market. If you have relocated, he or she may assume that you’re desperate to sell and will try to negotiate a lower price. On the flip side, if the buyer knows you have three other interested buyers, he or she would have to raise his price if they truly want the home. Sharpen your senses to know when a buyer does not have other property options. Perceptions have a profound influence in negotiations. If an interested buyer believes you have rejected offers that were higher, you have the upper hand. On that flip side, the buyer may inform you of interest in other homes, pressuring you to accept the offer. 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 yours will give you the edge.
LET TIME BE ON YOUR SIDE
Time pressure is inescapable in the world of sales. It is evident during auctions, job bids, and car sales. Time is a powerful negotiation tool. Real estate agents advise buyers that a seller under pressure will provide the best bargain. For this reason, smart home shoppers will obtain as much information about the seller as they can get.
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