Relax! Negotiating with buyers is not that different from everyday negotiations with family members and co-workers.
American Negotiations:
The Good News:
Unlike foreigners who hone negotiation skills in every visit to the butcher, American buyers are relatively poor negotiators.
The Bad News:
American buyers are poor negotiators. They get emotional. They walk away when you characterize their offer as "ridiculous."
More Bad News:
Your own emotions can easily kill a good deal. It's hard to smile when the buyer plots to mow down a garden you've slaved over.
Some Rules:
Establish Trust:
Avoid responses that may offend, even when the buyer calls your wallpaper "hideous," or your favorite rose bush a "weed."
Tell the truth: If the buyer notices water stains on the attic ceiling, blaming it on condensation can destroy your credibility before negotiations start.
Don't waste time with Buyers who can't afford your home:
The Buyer is not the enemy. Engage him in negotiations. Talk to him! If offered $10,000 less than your asking price, get an explanation.
Did the Buyer check the prices of comparable homes?
Is there a perceived defect in the property ?
What is the basis of the low offer ? (the low-baller is often willing to pay close to your asking price)
Counter Offer: Let the buyer know you have considered her position.
Reduce your asking price by a small amount.
Explain how you arrived at your asking price (comparable selling prices in the neighborhood).
Discuss perceived property defects.
If the buyer believes he or she will have to replace the roof:
Let her have the roof inspected at her expense.
If the inspection reveals problems, offer to reduce your price by a portion of the cost of repair.
Be Objective about the cost of holding out:
If you are paying $1,000 per month to keep the property, selling for $2,000 below your asking price might be better than holding on for an extra two months.
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Photo Tour Package $26.95
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