Negotiation Tips
While auctions threaten to make negotiating a lost art, you may be called upon to sell by private treaty and some negotiating tips could come in handy.

A lost art?

These days when so many properties are sold via auction, negotiating is becoming a lost art.  However, as the market changes and clearance rates drop, more properties are offered for sale by private treaty. This means you may be called upon to test yourself in negotiations.

In a negotiating situation it's extremely rare for the first offer to be accepted by a seller, partly because we expect, almost as a matter of principle, that the first offer is intentionally low to test the water and therefore will not the best offer.

Getting to the genuine best offer is what it's all about. The reason we negotiate is to try and develop a deal that is acceptable to both parties.

Negotiation Tips






 


Negotiating tips
  • Never accept the first offer, no matter how good it may sound.
  • Just because a deal can be done, doesn't mean it's the best that can be done.
  • Remember, just because you want to negotiate, doesn't always mean the other side does.
  • Preparation is the key. Do your background research and try and understand the other side's motivations.
  • Never raise or lower an offer without first getting a response from the other side.
  • Don't make equal size concessions because the other side will keep on pushing.
  • The way you make concessions creates a pattern of expectations in the other
    person's mind.
  • Never concede your entire negotiating range just because the other person calls for your last and final proposal or claims that he or she doesn't like to negotiate.

Negotiation Tips








  • Be wary of people that don't seem to care if a deal is done or not. This is a common technique to move things along and to get you to show your hand.
  • A deal is more likely to be done when both sides win. If you push too hard you might just lose the sale.
  • Be careful when discussing your tactics. Make sure as few people as possible know what your plan is.
  • Taper the concessions to communicate that the other side is getting the best possible deal.
  • Always stop and listen to the other side.  You may be surprised in what they come back with, and if not, you can always say no.
  • Most negotiations come to a successful conclusion. It's simple really - one partywants to buy; the other party wants to sell. It's just a matter of negotiating the right deal.
  • If for some reason a deal isn't done, look back on what happened and try and learn from it for the next time.

...............................................................................................................................