Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:
Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
“Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.
Nitpicking after inspection: Obviously if inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.
Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.
Christa Ross is a REALTOR with RE/MAX Select Realty. Based in the East End office in Pittsburgh’s East Liberty neighborhood, she works in the city of Pittsburgh and the Eastern and Northern Suburbs. As a Certified Residential Specialist (CRS) with over a decade of experience, she is among the top 3% of real estate agents in the country and a RE/MAX Hall of Fame Member. Whether you are all about a trendy condo in Shadyside, a grand old home in Squirrel Hill, a recent renovation in Lawrenceville or a sweet suburban address, if you are buying or selling a home, or relocating to the Pittsburgh area, Christa Ross is the real estate agent you should be working with. Real Estate Experience That Moves You. Get in touch by calling 724-933-6300x214 or direct at 724-779-1437.