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Let's make a deal
How to counder tough negotiation strategies.
by Ward Lowe Everyone in a real estate transaction wants more: more money, more time, more concessions. Some people gently probe the other side and ask for reasonable terms. Others push as hard as they can on every point and don’t let up until they exhaust their opposition. Regardless of the other party’s methods, here are some ways you can counter many negotiating techniques and get what’s best for your client.
Don’t be surprised
Some negotiators have raised flinching to an art form. No matter what you offer, they recoil in horror as if
the very idea deeply offends them. Based on their reaction, you are supposed to immediately consider changing your offer to their benefit. Surely such a demonstrative response means you were off base,
right? Don’t buy it. Ask the “flincher” to provide data
to back up his reaction.
Ignorance is bliss
If a party to the transaction flinches at an offer or makes any other dramatic reactions, pretend you never saw or heard him. Rather than countering the behavior with a question, this method doesn’t even acknowledge his attempt at manipulating you.
Halfway isn’t always fair
If a buyer offers an extremely low price for your listing, carefully consider your counteroffer. Many negotiations eventually reach the point where both sides agree to split the difference. If you’ve allowed a lowball offer to drag down your initial counteroffer, it will cost your clients if the parties do ultimately meet halfway.
It’s not your problem
Maybe the sellers really need a higher price to fund their retirement, but that’s not your buyer’s problem. Everyone carries his own burdens; don’t allow others to dump theirs on you or your clients. If the other party justifies a counteroffer with their difficulties, kindly remind them that the negotiations pertain only to the property. The market, not their financial situation, dictates the worth of the house.
Silence is golden
People hate awkward silences. Many negotiators fill the void with small talk, objections, and arguments at you. Let the other side prattle on. Your silence conveys strength and a commitment to your position, which will probably unnerve the other party. If you let them talk long enough, they may even reveal information that erodes their position.
Walk the walk
If negotiations reach a deadlock, walk away. Don’t use this as a ploy to influence the deal. Politely excuse yourself from the negotiations with the intention of completing a sale with someone else. Not every transaction closes—always prepare your client for
that possibility.
Photo © FStop.
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