Here are tips to help buyers negotiate like a pro:
1. Ask for the price you want
Be assertive and challenge everything if you want to succeed at negotiating. Successful negotiators know that everything can be negotiated. This is called “negotiation consciousness,” which separates the good from the bad negotiators.
2. Don’t talk, just listen
Don’t talk too much. Negotiators ask pointed questions and close their mouths. The competing negotiators will do the talking and all you have to do is listen to the flow of information.
3. Do research
Collect as much vital information as possible before negotiation begins. What are the sellers’ needs? What difficulties are they expressing? What choices do sellers have?
Knowing the answers to these questions gives negotiators an understanding of the other side’s situation and allows them to make accurate decisions. The more information you get about the sellers or their agents the stronger you become. People who often leave money on the table are likely those who don’t research.
4. Be prepared to walk away
Show that you are willing to walk away if you can’t land a satisfactory deal, and the other party will realise that you mean business.
5. Don’t rush
Your patience can defeat your rival negotiators if they are in a rush because they assume that you’re not weighted by the end to finalise the deal immediately.