5 NEGOTIATING TACTICS THAT KILL A SALE IN REAL ESTATE
Real estate negotiations are a subtle art, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly.
Here are some negotiation tactics buyers (and real estate professionals) should avoid:
- Lowball offers: When you go far below real estate market value when making an offer on a house it damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they will accept, and if you’re not even getting near the low end of that range, they might not even consider your offer.
- Incremental negotiations: Continuing to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
- “Take it or leave it”: Try not to draw a line in the sand with your initial offer. That will make the seller get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.
- Nitpicking after inspection: Obviously if inspection reveals a major issue, it should be factored into the final sale price. But if you are being insistent on a lower price for every minor repair can put negotiations in a stalemate.
- Asking for more, more, more: Some buyers will request that the sellers throw in add-ons, like furniture or appliances that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.
These are just a few reasons why you need a good real estate agent to help you through this process. They will know what to do and give you the proper advice when purchasing a new home.
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