Mistakes in real estate negotiations

Negotiation trainers warn: salespeople always make the same mistakes! Do it differently and read this article.

If you have ever sold a property or are in the process of finding a buyer for your property, then you will have noticed that negotiations between owners and buyers are anything but easy. As a seller, you have to be very skillful in such discussions if you want to achieve your goals and not make too many concessions.

Negotiations can fail all too quickly due to a careless sentence. If negotiations drag on for a long time, you as the seller may find that your prospective buyer finds a better property in the meantime and no longer buys yours.

As a property seller, realize the biggest problem in your situation: The supply of genuine prospective buyers is not unlimited. You should therefore be grateful for anyone who is seriously considering buying your property and not scare them off lightly.

In this article, you will learn about the typical mistakes that real estate sellers make in negotiations with prospective buyers.

Little experience in negotiations

As mentioned in the introduction, the supply of genuine prospects is not unlimited. This means that you cannot afford to use your valuable prospects to train your negotiating skills bit by bit. After all, there's a lot of money at stake - your money! If negotiating is not one of your most outstanding qualities, you should consider hiring a professional real estate agent.

Sticking to an unenforceable position

Some sellers have a demand in mind that they absolutely want to enforce, no matter how absurd it is. For example, we occasionally come across property sellers who demand that the fitted kitchen must also be sold for an extra 10,000 euros. As "leverage", they have come up with the idea that they will not sell the property without this extra fee.

The reality is different. This "combined package" is completely uninteresting for the prospective buyer. Consequently, he decides not to buy and prefers to look around for other properties. And yet another valuable candidate is lost.

Emotions are brought into the negotiations

For many real estate sellers, their own property is something very special and not simply an asset that is to change hands. This strong emotional attachment usually makes negotiations more difficult because objectivity is lost. In such situations, a real estate agent has a more neutral view of things and can signal to sellers if they should make a mistake.

Going into negotiations with a sales price that is too high

Many sellers think that their negotiating position will improve if they enter negotiations with a high starting price. However, this is not the case. The problem is that the stated purchase price attracts the wrong target group. During the viewing, prospective buyers realize that the property is not worth the price and turn it down with thanks. There is no point in lowering the price as the prospective buyer simply imagined something else.

Summary

As you can see, there are a number of things to consider and pitfalls to avoid in real estate negotiations if you don't want to end up losing money. This is just a rough overview to give you an idea of the complexity of the subject. If any of the points mentioned sound familiar and you don't have a lot of time to sell your property, then give us a call. We can help you make your next negotiation a success.