You can walk into a negotiation for a new home sale with full conviction that you have the ability to achieve the terms you want. And you might actually be skilled enough to succeed. But it never hurts to hold a few trump cards in your hand.
- Be the reluctant seller. As anxious as you might be to close a deal, do not let that feeling resonate in the negotiation process. If your buyer has an inkling that you are willing to do whatever it takes, he will push you for one concession after another. I have learned time and time again that the person who appears to want the least will get the most!
- Never give up your home court advantage. Keep the discussions within your physical comfort zone where you have greater control: your office, conference room, model home, or the property itself.
- Rehearse your responses. By planning ahead with rehearsed answers to your buyer’s possible objections and comebacks, you don’t give them the time you might otherwise take to ponder. You stay strong while they scramble for the right words.
- Maintain your “walk away” power. No matter what happens, you always have the ability—and the right—to walk away from a deal that isn’t measuring up to your needs. If you concede a point just to salvage onto a deal, you set a precedent for more—and potentially costly—concessions.
- Park your emotions at the door. When a prospective buyer gets angry or frustrated, do not respond in kind. And do not take their rejection as a personal affront. They are rejecting the terms, not you. If emotions flare, take a break. Do not proceed when the air is thick with negative energy.