Deals are won and lost through the art of negotiation by the two parties. Many think of this as the game, but it is a game you must play in every transaction. Negotiation can save you or cost you thousands of dollars in any real estate transaction. It may even be the difference between getting the deal or not. Here is a valuable tip for both sides of the table.
The Takeaway Vs The Walkaway.
A good Negotiator will many times try a takeaway. This is when they want to make it appear that they are at their bottom and can’t or won’t go any lower or give up anything else. They may say something like “that’s it I can’t go any lower or I can’t do that, I guess we are done here”.
Your best defense here is walk away, you may respond with something like “well that’s too bad, I guess your right it would appear that we are done. I wish you all the best in selling your property. If you change your mind and you can do what I need to make this deal work for me give you a call and if you haven’t found anything else maybe we can still put a deal together.” Then walk away
At this point or soon after if they are just playing with you they will call you and give you the price or terms you wanted. You must be willing to walk away without the deal. You have to sell the takeaway and the walkaway. They won’t work if the other side thinks you are just playing, they need to know you mean it. It has been said that it is better to walk away without a deal than to enter into a bad one.
I hope these tips help you. If you have any questions about negotiating your next transaction you can contact me personally at FWHprogroup@gmail.com
F. William (Billy) Hineline
Resident Real Estate Expert and Contributor
President FWH Professional Group