I negotiated for a piece of property for a friend over the last few days. This is how the negotiation progressed. The owner wanted $10,000 for a piece of property. I offered $6000 and the Realtor put through the offer and the owner came back with $8000. The Realtor said the owner was stuck on that price and it was the lowest they would go. Now I have negotiated many times before and I know that I can get it cheaper. I always wait a day or 2 before a counter offer because it gives the owner time to think and to reflect. (it also makes them sweat) The next day I called the Realtor and put in an offer for $7000. The Realtor said the owner was stuck on the price, but I insisted he put in the offer. The offer was put in and the owner of the property accepted the offer at $7000 with 2 conditions. The owner wants to close on the property quickly and the property is as is. Both of these conditions are fine. I was able to get a 30% discount and my friend is happy. I knew my limit was $8000, but I also knew that I could probably get it for $7000.
1. As a side note, if you are trying to sell three different items with three different prices the customer will usually choose the item in the middle.
2. You can usually say lets meet in the middle and the person you are negotiating with will accept that amount because it seems fair.
3. Know your limits and don’t fall in love with an item or a piece of property. You can usually get it at a better deal if you are willing to wait.
4. Research the area and make sure the property is worth the money. Location, Location, Location