Note to buyers, sellers and in this case perhaps most importantly myself, patience is a virtue. Don't get me wrong, I'm the type of guy who often wonders when something isn't done, why it wasn't done yesterday and in Real Estate, in many cases I've found this to be a good attitude. For example, when you're waiting on finishing details with a sales contract, inspections etc. you don't ever want to procrastinate. All you're doing is setting yourself up for disaster.
But in the negotiation phase you have to be patient sometimes. When you're on the list side of a deal and a co-broke sends you a lowball offer, you are not obligated to jump all over it and start caving in right away. Let the buyers stew for a night on this one. Let the buyers question their offer price. Should we have come in higher, did we offend them etc. I always coach my sellers that an offer is ALWAYS a good thing, no matter where it starts, it could end up satisfying both parties. But negotiation is a give and take. If you're negotiating style is give, give, give then you'll give away the store.
Even worse, your seller will see that you're anxious and they'll start to feel like they're about to get screwed. The buyers who already have an upper hand in this market will start feeling entitled to some sort of unbelievable deal and become self righteous. Take it or leave it will be their attitude. All of a sudden, a deal that was meant to come together will be falling apart before your eyes. Remember, in all other phases of the transaction, push, push, push but when you are negotiating, remember to be be cool, calm collected and a little patience can go a long way.