There is no substitute for knowledge and expertise. Exercise diligence in your research you’ll also find an accurate assessment of your property’s value. This is the most significant piece of information in negotiating a deal. All the arguments on earth won’t change the value of a home. If you’ve independently determined just what that price is, then you’re not really going to sell too low or pay too much for repairs. At this point, talking becomes an attempt to learn the other party’s level of knowledge.
Don’t Let them Pressure you to Answer Right Away
Even if you’re told the offer is only available until a certain time and date, don’t feel as if you have to accept an offer straight away or on the spot. Tell them you would want to discuss it with your spouse, or you would want to sleep on it, or perhaps run it by a friend or your lawyer. You’ll find that the decision-making procedure will become much easier once you’ve had the capacity to “sleep on it” and allow you to ultimately go over all the information.
Know your Bottom Line
Knowing what you want is likely to make it much easier for you to work out a deal. If you’re not quite sure exactly what your house is worth (or what you can afford to spend, if you’re acquiring) you won’t be a confident negotiator. You’ll not be able to commit to a good deal if you see one, because you won’t be able to recognize it. Furthermore, your lack of understanding will be evident to the other side of the table and will further undermine your own negotiating position.
The quickest way to lose control of the negotiation is to become also emotionally involved. Obviously, investing something as expensive being a house is an emotionally packed experience, but cultivating the detached demeanor will help convince your opponent that you are a competent negotiator that’s comfortable with his/her position. Being also emotional will always be interpreted as desperation and that gives the initiative to the other side.
Hear out the Other Party
If you can manage to be a neutral you’ll then have the opportunity to listen to and also observe your potential buyer. You’ll be able to tell if the other side is simply too nervous, if they’re bluffing or if they may be willing to compromise. Deals fall through all the time when the two sides can’t consent, but also because they misunderstand each other. Listen to the other side. If you’re not certain what they’re saying, ask for explanation if you’re unsure.
Keep in mind that although the people on the other side of the table are likely nice folks, they are your opponents. Don’t let his or her friendly attitude cost you money. You are able to bet they’re not willing to move their position because you might be a charming conversationalist. Of course, you should always be polite and friendly. (Offended through your opponent’s offer?) Politely let them know you enjoyed meeting these people and appreciate their attention, but that you’re so far aside that further negotiations would be fruitless.
Get it in Writing
Obtain the first offer in writing to help you see all the terms. Any polite, “we will consider all written offers” can greatly boost a nervous negotiator’s ability to manage the process. It
will give you time and energy to evaluate the offer fairly as well as greatly reduce the effectiveness of pressure methods. After the first offer you could counter verbally. Make sure that there is an attorney review period included in the contract. During the attorney evaluation you will want your attorney to evaluate the contract and make any kind of necessary changes or void the contract if necessary. Once you have a verbal agreement to the terms then get signatures on a fresh contract and send it off for your attorney for your attorney. (usually around five business days).
Don’t be Greedy
When you have reached your goal, be content and sign the deal. The minimally motivated party has the most control Prepare yourself to be patient. You shouldn’t need to deviate far from a reasonable price. If you’re not willing to walk away from the deal, and the other side knows it, then you’ve already lost. If you need to stay in control, don’t really like the house, or with how much you’re asking.
Ask for more than you will acknowledge, even if both sides of the bargaining table have a perfect knowledge of the property, they’ll still need to feel as if they’ve negotiated a good deal. It’s hard to be able to feel you’ve accomplished something by negotiating if the beginning and ending points are identical. Both sides must gain something you don’t want a disgruntled buyer/seller on the other side of the negotiating desk causing you grief. Each party ought to feel that they’ve gained significant benefit from the negotiation.