Being able to negotiate well impacts so many key factors of our lives and can certainly impact the outcome of Home Selling. Strong negotiation strategies will create a better outcome for you.
We are often guarded or reluctant to reveal much of anything; thinking this is the smart way to open a negotiation. It can actually have a negative impact on our outcomes and can inhibit trust between the parties. It’s human nature to match with reciprocity. People generally respond in kind to how we treat them. If we want to be trusted, we must first offer trust.
Revealing some information, even unrelated to the negotiation can improve your outcome. You don’t have to put all your cards on the table to start. But putting something of yourself out there – your hobbies, personal concerns, or hopes – can set a positive tone that creates an environment that is more conducive to agreement.
Sequencing or Ranking
Typically when we negotiate, we know what our key issues are and we Rank or Sequence them based on the importance to our circumstance. For example, if we’re trying to negotiate a purchase contract, we might say that the price is most important, and if we don’t agree, there’s no use to continue.
However, if your buyer has a deadline to move in within 30 days as opposed to 45 or 60 +days, you may want to reorder your priorities and be more flexible on your price if you know you won’t have another mortgage payment, property taxes, homeowners ins. or utilities to pay.
You can typically achieve better outcomes by being flexible on your ranking and leaving all the issues on the table as you move through your negotiation.
Target Price and Walk Away Terms
Do you have “walk away power”? Rarely will a price negotiation match what you want to clear, or what you need to buy a home where you’re going. Unless you’re in a super-heated Seller’s Market, the market is the market and is not reflective of personal circumstances.
Your Target Price is what you’re hoping for; your walk away price or terms is your reservation price. Often, we go into negotiations with one or the other. In real estate, we often say when an offer doesn’t come together over price, the seller has essentially bought their home back for the price that the buyer was willing to pay.
It’s critical to do the market research ahead of time, research based on firm data, will provide more confidence for you, in Home Selling, it will help you make better decisions in the moment, and help you be more clear about your limits.
Are you thinking about selling your home soon? You need a strong team like Cathi and Ben Walter, on your side with the skills and market knowledge it takes to negotiate a great outcome. Call us today to find out how our Marketing and Negotiation Strategies will Get Your Home Sold Quickly at the Highest Possible Price. Cathi 760.218.5752 Cathi(at)CathiWalter(dotted)com See What Clients Are Saying
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