Negotiating Strategy 101: Is Time Your Enemy or Friend?

Buyer Strategy in a Seller’s Market

“Never negotiate hungry. Or tired.”

–Ross Kaplan, “Negotiating Advice”

As I’ve discussed on this blog previously, the “How” of negotiating can be much less important than the “When” or “Where.”

As in, when to stop negotiating (and take a break), and never negotiating while you’re driving (you can’t take notes).

If time (and timing) is the biggest stealth factor in negotiating, it follows that knowing whether time is your friend or enemy is the biggest overlooked variable.

So, here’s a good corollary:

“In a Buyer’s market, time is the Buyer’s friend; in a Seller’s market, time is the Buyer’s enemy.”

Letting the Other Side “Think About It”

What do I mean by that?

When the market is cold, walking away from the table and letting the Seller “think about it” can be an effective way to break an impasse (typically, the Seller will come down).

By contrast, in today’s unrelenting Seller’s market, a Buyer who walks away from the table — however temporarily — risks that another Buyer will show up (and pay the Seller’s price, or closer to it).

See also, “Negotiating Tips”; “How to Become a Good Negotiator“; “The Key to Successful Negotiation“; “‘Splitting the Difference’ and Other Negotiation Tactics”; and “Written vs. Verbal Counter-Offers.”



from RSSMix.com Mix ID 8230700 https://ift.tt/3a7c8uk
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Estimating the Discount for a Busy Street (or Not)

Image
The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking for a rental property may see the location as a plus: free advertising! Of course, not all busy streets are created equal: depending on how far the home is set back; elevation differences; the individual home’s layout; and even landscaping and other topography, and the noise level/loss of privacy can vary significantly. Two Strategies Faced with so many variables, Realtors and Appraisers can always simply choose an average discount — say , 10% off. Strategy #2? Choose as Comp’s (Comparable Sold Properties) only homes that are also located on busy streets. Even better: the same busy street. Then, there’s no need to make any adjustment, because all the home...
Read more

“What’s the Highest Point in Hennepin County?”

Image
There sure seems to be some confusion on that, umm . . . point. I’ve now encountered at least three different properties — none close to one another — that all claimed that status in just the last month. For the record, according to Hennepin County’s website, it’s on Williston Road near High Point Road in Minnetonka — 1,131 feet above sea level. See also , “ Florida’s Tallest Point (and how to get there) .” from RSSMix.com Mix ID 8230700 https://ift.tt/2Pq1ndL via IFTTT
Read more

“Are You a Realtor?” “Why, Yes I Am!”

Image
“There Goes My Realtor!” Admittedly, the intended effect is for clients who see me in and around the neighborhood where I live (by Cedar Lake in Minneapolis) to see my car on the road and say, “There Goes My Realtor!” But, my custom license plate (above) is also a conversation-starter when I’m parked. Like today, in Linden Hills, where a builder who has an upcoming listing saw my car and asked if I was a Realtor. I know what to do from there . . .  from RSSMix.com Mix ID 8230700 http://ift.tt/2glixp5 via IFTTT
Read more