Negotiating Tips for Buyers and Sellers

NEGOTIATING TIPS

FOR BUYER AND SELLERS

Rule #1:
Do not go back and forth between the Buyer and Seller more than 2 times in negotiating. The 1st round is about the home and getting it sold or bought. The 2nd round it is about money. The 3rd round it becomes about who wins and becomes personal. The end result becomes lost in the negotiating.

Rule #2:
Buyers and sellers must not dislike each other. You must make sure that the agents and the buyers and sellers don't talk about each other. Focus on the putting the deal together.

Rule #3:
Stay focused on the goal of completing the sale. Keep emotions, personality, and personalities away from the transaction. Stay relaxed, cool, calm and collected. Don't let the negotiations and concessions interrupt the goal of the transaction.

Rule #4:
People believe what is in writing. Everything that is negotiated or discussed be put in writing so that there will be no uncertainties. Verbal uncertainties can not be upheld in any court. When things are put in writing make sure they are written with zero grey area, because "Error falls on the Scribner".

Rule #5: When you negotiate concessions make it a two street. If you want something, give something in return. This goes back to Rule #3 and #5. Negotiating can be sometimes considered a team sport. When both sides do some give and take, it makes the negotiating more successful.

Rule #6:
Never respond to negotiating or offers to quickly. This can come off as eager, and anxious. Make all decisions and negotiating done in the time frame of the contract but don't make it seem that is was not cut and dry and simple. Eagerness can make you look weak.

Rule #7:
Never brag or gloat about the terms in the contract or disclose material facts to anyone prior to the closing. This can hinder future negotiating of concessions. Clients are less likely to work with others when they think they received the short end of the deal.

Rule #8:
When you work on a contract and hit a bump in the road or a wall, stop and work the other terms of the contract. You can not try to fix multiple issues at same time. Negotiate through the entire contract and then come back to the bump and focus on one singular issue. It is easier to solve one task at a time.

Rule #9:
Do not loose trust with the buyers,sellers and the agents. Trust can carry allot of weight. When trust is lost, buyers and sellers second guess all negotiating and concessions.


Rule #10:
Never disclose that you have any time pressure. This is a sign of weakness. Work the transaction as if time is not an issue. If you use time as part of negotiations, you say to the other person that you will do what ever needed to get it done in the time frame that you need.


All these rules work don't work all the time. Some of the rules work all the time.

These are not set in stone, but have worked in the past over the last 10 years in the Real Estate Business. For more information contact Edwin Gerace mail@609sold.com or http://www.edwingerace.com/ or follow him on twitter at www.twitter.com/edwingerace