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|  Fifteen Benefits of Working with a Buyer’s Representative Advanced tip Understanding Agency Broker tip Contract Terms for Buyer’s Representatives Qualifying the Buyer Advanced tip How Well Do You Listen? Advanced tip Who Are Today’s Buyers? Advanced tip Advanced: Psychographics —Understanding Buyer Motivation Prospecting for Buyers Working with Internet-Empowered Buyers Servicing the Buyer Advanced tips Closing the Deal Advanced tip Due Diligence and Disclosure Advanced tip Staying Safe While Showing Homes Broker tip When to Call It Quits Quiz: Buyer’s Representation Bright Ideas: Working With Buyers Code of Ethics: Working with Buyers More Resources: Working with Buyers Vendor Resources: Working with Buyers | Closing the Deal A successful negotiation is a win-win situation. A good salesperson knows what it takes to seal the deal.
TIP: Don’t leave the offer open for too long, it just gives sellers more time to think of objections. Make the offer good for only 24 hours. For the Advanced Salesperson The 7 Deadly Sins of Negotiating—and How to Avoid Them 1. Poor planning. Analyze the strengths and weakness of both parties, identify areas of mutual interest, and define the issues of likely contention. 2. Failure to negotiate with the client first. Know what the buyers must have and what they are willing to give up. Otherwise, you don’t have any negotiation options. 3. Failure to gather adequate information on the property and the seller. Discovering a problem when the negotiation is underway weakens your position. 4. Unwillingness to make concessions. Your power is seldom sufficient to roll over the opposition. And if you do “win,” the sellers will often create later obstacles to the deal because of their anger. 5. Premature concessions. Nervousness or overeagerness to make a deal usually indicates that even greater concessions can be expected. 6. Ego involvement. Don’t let your desire to “win” sabotage the deal. 7. Dishonesty. Avoiding an Impasse
TIP: If price differences create the impasse, restate the difference in another perspective. For example, $2,000 translates into the cost of hamburger and fries at MacDonald’s every day for a year. Ask the buyers if they’re willing to lose this house because of the price of a hamburger and fries. —Courtesy of Samuel Miller, STARS, Mt. Vernon, Ohio Due Diligence and Disclosure, next page > | |