APPROACHES TO REAL ESTATE NEGOTIATION BRUCE KELLOGG
Keep Your
Smile
Word/Perform And
Keep your word. Perform everything
you’ve agreed to do. And smile as you
do it, even if the deal is going against
you and you are taking a loss. Don’t
whine. Smile. Builds character….and
your reputation.
The “Concession Pattern”
In the backandforth of negotiations, your “concession pattern” is very important because it sets up
expectations in the other party. Always negotiate fairly tightly. Don’t concede too much because the other party
will see that as an opening to seek more. Go backandforth more times if need be. Try to set things up so you
take the other party’s counteroffer rather than force them to take yours. This way they will feel they won, and
you will have less trouble with them the rest of the way. And, please, don’t arbitrarily “split the difference”.
Amateur negotiators do that.
“Sharp Practices”
The day will come, if it hasn’t
already, when the other party will
bring “sharp practices” to the table. If
these are illegal (e.g., undisclosed
money back after the close), call
them on it, and refuse to participate.
If these are not exactly illegal, then
counter them as best you can, or
walk away. Life is too short, and your
reputation is too important. Always
“take the high road” in negotiations.
ReNegotiating After Inspections
Y’all know to renegotiate after property inspections, right? ‘Thought so.