Selling or Buying a House Is Not A Poker Game!

poker all in

What drives me crazy are cheesy realtor billboards saying they’re “Top Negotiators”. It’s this group who tell home owners that selling their home is similar to a poker game, with a mindset establishing a scenario of a winner and a loser. What you establish here is a take it or leave it attitude, which will almost never end in agreement. Whether you are selling your home or negotiating a corporate merger, successful negotiations always being the same with one party presenting an offer while the other responds with their counter offer.
Here are a couple of insider negotiation tips:

1. We all have an emotional attachment to our homes, but leave the memories of family parties and holiday dinners out as it will only impede your judgement.
2. With an offer (even a low one) avoid dismissing it too quickly, as it not where you start but where you finish.
3. Be objective in reviewing what an offer includes; however equally important is to consider what has not been included. An offer with no financing or home inspection conditions can be very attractive.
4. In making a counter offer prioritize what are “must haves” but be flexible on issues which are not critical in the deal.
5. You can walk away at any time, but don’t completely close the door on the other party. In my years as a realtor I have experienced what I thought was a dead deal come back to life and end in an agreement.
A good negotiator will always be looking for an advantage. One of the best tactics in their toolbox is continued probing for more information. A tactic I like to use is rather than telling them my position I ask the other party, “Listen, can you just explain to me how you came up with that evaluation of price”? Here is where I get insightful information which allows me to better craft my response without giving my client’s position away.
Negotiations will fail if both parities become so entrenched in an issue where neither side is willing to discuss potential solutions. Here the listing and buyer agents have to creatively look how solutions can be put forward which are acceptable to both sides. Remember, what brought both of parties together is they ultimately have the good intentions of making a mutually satisfying agreement.
The best deal is one where everyone negotiated fairly and everyone walks away a winner.