Rule #1: Don’t go back and forth between a buyer and seller more than twice. At and after the third round, your chance of making the sale drops dramatically.
Rule #2: Don’t let the buyer and seller come to dislike each other. If you notice your client or yourself beginning to disparage the other client, redirect your focus to putting together the sale and gaining a positive outcome.
Rule #3: Stay focused on the goal of completing the sale. Stay calm, listen and empathize, but do not get involved in conversations about the party’s personalities. It is your job as the professional to remain objective.
Rule #4: People believe what’s in writing. Provide copies of all relevant CMAs, comparables and reports, and always make sure to put your offer in writing. Don’t negotiate verbally; put every step of the negotiation in writing.
Rule #5: When you give a concession, ask for something in return. This will dampen the buyer’s motivation to ask for more, especially at the structural inspection or pre-closing inspection.
Rule #6: Never take the first offer too quickly or easily. Wait a few hours to call the buyer and don’t emphasize that it was easy. Also don’t imply to either party that the house is sold just because an offer has been accepted. Say, “Congratulations, you are on your way. We want to get the attorney’s blessing, get through the inspection and the bank process. I think you have a great home, so I don’t expect any problems.”
Rule #7: Never gloat. Do not treat it like a game. It is important to people – they are moving their lives. Regardless of how great an offer is, approach it with sensitivity and realize its serious nature to the sellers.
Rule #8: When you hit an impasse, settle everything else first and then return to it. Isolate the items that require further consideration and negotiation and return to them. By doing this, you create a momentum that helps carry the transaction more successfully
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