NEGOTIATING TACTICS THAT KILL A SALE
Negotiation is an art form that takes experience and knowledge to master, as skilled negotiators need to find common ground between differing parties.
Using improper negotiation tactics can sink a deal quickly, so here are some negotiation tactics that you should avoid:
1. 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 approaching the low end of that range, they won’t even consider the offer.
2. 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 becomes tiresome and leads the seller to consider other opportunities.
3. “Take it or leave it”: Don’t draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you’re unwilling to budge. Even if your offer is concrete in your mind, don’t make it obvious to the seller, as it can sour negotiations.
4. 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 minor repairs can quickly lead to failed negotiations.
5. Asking for more, more, and more: Some buyers will request that the sellers throw in add-ons such as furniture or appliances that weren’t included in the listing but asking for too much will lead to the seller to believe that you’re greedy, so limit your requests to only the essentials.