Successful negotiations have common threads. Remember these tips to get the most out of your negotiation:
- Don't get insulted with a low offer or a low counter. It is natural that the buyers want to pay as little as possible.
- The members of each party should feel like winners in the end.
- Counter offers need to show movement by each party. This demonstrates a willingness to deal.
- Make sure you understand the buyers' priorities. Counters then can focus on the higher priorities. Those that carry less weight can be used to compromise.
- Quantify problems. Repairs or concessions should have a dollar value on them and not be left open ended.
- Isolate major issues by getting agreement on all other points. This allows the negotiation to be just one item away. Then all energies can focus on the one final obstacle.
- Contingencies are major stumbling blocks. If you ask for a contingency, then don't expect major concessions anywhere else. If you must sell a home before you can buy, don't slash the list price.
- Buyers show seriousness in your home with earnest money. Work to make the buyer happy.
- Avoid the tendency to 'nickel and dime' the buyers. If the buyers feel that you are trying to squeeze every penny out of them, they will be less likely to compromise on major items. Negotiation good will can be used up on petty items.
- Make sure what you want is put in writing. Count on nothing that is negotiated verbally.
- Depend on your sales professional for negotiation counsel.
Learn about negotiation basics.