Whether you are buying furniture for your new home, or just buying the daily need things, you love to negotiate the price. Even if the seller sells you a thing at certain penny less, you feel satisfied that somehow you have managed to negotiate and you have paid less for a thing. Similarly Negotiating is vital for any real estate transaction. To get the best value for your money, one must be familiar with the fine nuances of the negotiation. Some handy and useful tips regarding negotiation are discussed herein below –
- Do not be first to negotiate – The strategy that works in most of the deals is not to be the first one to start the negotiation. Just for an example, let us say if some negotiation started with $100 and the inexperienced negotiator set a price of $50. Then you should set your value somewhere around $80. It is seen that the person who starts the negotiation is most likely to be at loss. Middle ones are most protected ones. No buyer wants to be overpaid and no seller wants to be underpaid. Setting a realistic middle price attracts the buyer.
- Talk less, listen more – One of the crucial maneuvers when negotiating is to talk less and listen more. And it is unfortunately the most difficult thing to do. Maintaining a silence is a thing that you should work upon. When another person makes offer, listen calmly and say nothing. Be it 20 seconds or 20 minutes, force the opposite person to break the silence. Next time he may revise his offer and offer you lesser value.
- Believe in friction – Negotiations which end up smoothly and without resistance are said to be most unsatisfactory one. When one person offers some value and the other person accepts it immediately, it is human nature to feel doubtful you might have got lesser value than you could. Friction makes the deal a satisfactory and worth full to both the sides.
- Get information about the seller – It is important to be informed about the seller. Let us suppose two buyers want to buy the same house. And the seller wants to sell the home because he has transfer to some other city in a short time. The first buyer works with the strategy of offering more value to the seller and asks for the time period of one month to get the important things done before buying. Whereas the other buyer manage to know the reason of sale and solves the problem of the seller by getting things done in two weeks.
Negotiation is an art more than a science. It just requires sound knowledge, polished skills and patience to walk away with the best possible offers!
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