Perception plays a big role in negotiations. If an interested buyer thinks you have rejected offers higher than his, you have the upper hand and he may feel pressured to offer more. On the flip side here, the buyer may let you know that yours is not the only home he’s interested in, in an attempt to pressure you to accept his 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 yours—will give you the edge to win.
LET TIME BE ON YOUR SIDE
Time pressure is inescapable in sales and 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. Real estate agents will tell buyers that they won’t get a good buy unless a seller is under pressure. For this reason, smart home shoppers will want as much information about you, the seller, as they can get. If a seller is in foreclosure and needs to sell before losing the property, a buyer has the upper hand; they know the seller is under a time constraint. Buyers look for time-sensitive situations to push their price. Sellers who are behind on mortgage payments, recently retired, or are under contract for another home and dependent on this home sale are prime candidates for high-pressure tactics from savvy buyers. Buyers may come to you and ask questions to find out if any of these situations apply to you. Eagerness to please them might be read 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 house has been on the market, the
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