Negotiation is more art than science in real estate, but skilled negotiators can find the right balance that satisfies all parties. Conversely, poor negotiating skills can result in sub-optimal deals or deals lost altogether. When it comes to buying or selling a home, there are some key tactics that should be avoided:
On the Seller’s side, make sure you know what you want before the negotiations and counteroffers begin. When a buyer is interested in your property they will submit a formal offer. The way you tell them their offer is unacceptable, but you’re willing to negotiate, is the counteroffer. Always have a tentative fallback position in mind — the minimum you will accept. A good real estate agent can give you expert advice based on the market conditions.
Article by AdvantageU