Last week we examined four negotiating tactics you should know about luxury real estate.
This week I would like to introduce you to even more negotiation strategies to keep track of things.
The red herring
This is when someone makes a really low offer. Then they will add something to the offer to distract you from the really low price. It’s like a big red flag meant to distract you from the low price in their office.
The trial balloon
Politicians use the trial balloon all the time, but they call it a leak. If people reacted really negatively to the information you gave them, they’d say, “Oh, that was a leak and it wasn’t actually true.” If people love it, they can say, “Yes, we worked on it.”
The low ball
This is by far my least favorite negotiating tactic. People do it because they believe it is redefining the person’s thinking. My advice to you regarding low balling is to appreciate the offer, thank them for their interest, and get them moving forward by telling them about other offers.
This is becoming more common with real estate, especially with cash offers. If you want to make an offer, like a cash-like offer, the ethical course of action is, “Listen, I’m making an offer, I get a mortgage, but I’m not making an offer. My offer depends on a mortgage because I know I am will be approved. “
Are you crazy?
Some people are just crazy. They will scream or go in tirades – either in person or on the phone. I’m just trying to take a deep breath and let it deflate. Otherwise, I do the silent treatment that makes them even crazier until they just run out of energy.
The written word
This is somewhat similar to the limited authority tactic of pre-printing things on your contract. Certain agents or companies in your marketplace may have their own forms that are not standard Realtor Boards. They use their own company forms. Read every form you receive very carefully as this is a great tactic for burying things in boilerplate and you want to make sure that you are not being taken advantage of.
Bottom line: look for the principles underlying the positions. Why do you do what you do? What do you really want to achieve? What is your goal? What is your motivation? Look for solutions instead of engaging in tactics.
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