Tips for Successful Negotiations
Knowledge is power. Be prepared for each point in the process where negotiations may occur. Several steps in the home buying or selling process where negotiations typically occur are the purchase price, the home inspection and the appraisal. Know your limits and ability and willingness to compromise for each situation. Communicate clearly with your broker.
Allow your agent (me) to handle all communication with the other agent. I am experienced at negotiating real estate transactions. Allowing me to handle the negotiations and communication creates an ‘”arm’s length transaction”. The concept of an arm’s length transaction ensures that all parties are able to act in their own self-interest and are not subject to any pressure or duress from the other party. This can help you keep your emotions in check.
Don’t take anything personally. This is a business transaction and we are working to achieve the best outcome for you. Remember, the seller wants to sell and the buyer wants to buy or you wouldn’t be involved in this negotiation. Stay focused.
Always respond to any counter-offer and keep the negotiations moving. As long as both parties are talking we are making progress our chances for a good outcome increase.
Be willing to walk away. The one who is willing to walk away holds the cards. Set emotions aside and focus on getting what is most important to you and compromise on less important items.
Know your bottom line and stick to it (see ‘be willing to walk away’)
Don’t let emotions get in the way of making a deal. Keep your cool.
Choose your battles wisely. Be careful not to argue over something just for the sake of winning a point. You may want to save some “good will” for later negotiations.