5 Negotiating Tactics That Might Kill Your Next Real Estate Deal
Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all the parties involved in a transaction. 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: Going too far below the market value (or the seller's asking price) when you make an offer to purchase damages your credibility as a buyer and can be insulting to the seller. The seller has a range already in mind that they are willing to accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
Incremental negotiations: Don’t continue to go back to the seller with small incremental increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller into considering other opportunities or outright rejecting your offer.
“Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge or negotiate. Even if it’s true, don’t make a show of it.
Nitpicking after inspection: Obviously if a home inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations into a stalemate.
Asking for more, more, and more: Some buyers will request that the sellers throw in add-ons like furniture or appliances or home warranty, etc., that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you are just being greedy.
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