Negotiation is a subtle art in real estate, 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: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll 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 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. The seller can 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 insisting 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.
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Published by Becca Smoot
I’m a Florida native, yet I’ve always had Carolina in my blood. As a kid, my family would camp in the Carolinas every summer. When I was old enough, I went to sleep-away camp in North Carolina and later became a camp counselor, teaching horseback riding. Naturally, I went to school in NC and eventually settled in Charlotte in 1995.
After spending more than twenty years in the corporate world of financial services, I enthusiastically turned my focus toward a career in real estate. I have vast business experience planning & organizing, problem solving, process management, leading and holding people accountable to deliver on a timeline and budget, and identifying & mitigating risks before they turn into problems.
Being a REALTOR® allows me to build relationships with my clients so I can get to know their needs, likes and style. Buying or selling a home is a very stressful process. Although you think you are prepared, you may be surprised at the roller coaster of emotions you can experience in this important step in your life. It is my mission reduce this stress, make the process transparent and keep you informed every step of the way. My satisfaction comes from working to facilitate a smooth transaction and helping all kinds of individuals and families through the home buying & selling process.
When I’m not working, I love spending time with my daughter and our dogs both at home and around the community. I enjoy wine and appetizers with friends on a patio at local area restaurants and occasional trips to the beach or mountains. I am also passionate about supporting families of micro-preemies, kids who require extra support as well as advocating for Cerebral Palsy awareness and the true meaning of inclusion.
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