Negotiating Strategies That Could Scare An Interested Buyer Away
Posted on: 15 December 2016
Negotiating in the world of real estate can be a process that involves a high degree of tact. When you're selling a home, you may have to go through a lengthy period of negotiation with an interested buyer before the sale is finalized. During this process, there are ample opportunities to make seemingly innocent mistakes that could end up scaring the buyer away. It's important to seek the advice from your real estate agent at every step of the negotiating process, as he or she is trained and experienced in this realm and will be able to increase the likelihood that the negotiation goes well as results in the sale of your home. Here are some mistakes to be sure you avoid.
Taking Too Long To Respond
When you receive an offer, it's understandable that you'll want to take some time to consider it. However, taking too long to get back to the prospective buyer can be a problem — the silence at your end can suggest to the buyer that you're not interested in the offer, which can seem rude. When you receive an offer, your agent will indicate the length of time you should take to respond. Try to do so within this time-frame; if you can't, make sure your agent contacts the buyer agent to ask for an extension to responding.
Failing To Negotiate Fairly
You need to accept that there can often be a back-and-forth process before you and the buyer come to a consensus on the sale price of your home. Failing to negotiate fairly can cause a buyer to feel that you're not interested in getting a deal done. For example, if your initial listing price is $300,000, the buyer might submit an initial offer at $280,000 with the expectation of meeting somewhere in the middle. If you counter the $280,000 with $299,500, it shows you're not really interested in negotiating.
Acting Like A Bully
Trying to bully the interested buyer isn't a good strategy, yet many homeowners fall into this trap. The negotiation process doesn't have to involve consternation; it can be professional and friendly. For example, if you ask your real estate agent to contact the other agent and say that your counteroffer is your final offer and that the buyer should take it or leave it, this is essentially a bullying tactic designed to pressure the buyer. In many cases, the buyer agent will advise his or her client to avoid dealing with you further.
For more information on putting homes for sale and the process of buying or selling, contact a professional real estate agent.
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