One of the keys of picking the right agent is to make sure that your agent can handle the buyers well and is good at negotiation. Why? the better the negotiation skills, the better the outcome on your selling price. Negotiation tactics are specific techniques and strategies used to influence the outcome of a negotiation in your favour. Here are some common negotiation tactics:
- Anchoring: This tactic involves starting the negotiation with a high initial offer or request (the anchor) to set a reference point for the rest of the discussion. The goal is to influence the other party’s perception of what’s reasonable.
- Mirroring: Mirroring is a technique where you subtly mimic the body language, tone of voice, or words of the other party. It can help build rapport and establish a connection.
- Silence: Silence can be a powerful negotiating tactic. After making an offer or stating your position, remain silent and wait for the other party to respond. This can make them feel uncomfortable and lead to concessions.
- Nibbling: After reaching an agreement, use this tactic to ask for small additional concessions or perks. It can be effective because the other party may want to maintain a positive relationship.
- Flattery: Complimenting the other party or expressing admiration for their expertise or achievements can create goodwill and make them more receptive to your proposals.
- Walk Away (The “Walkout”): If you’re not satisfied with the progress of the negotiation, be prepared to walk away from the table. This tactic can demonstrate your commitment to your position.
- Splitting the Difference: Suggesting a compromise halfway between your position and the other party’s position can be an effective way to move the negotiation forward.
- Building Rapport: Building a positive and friendly relationship with the other party can make them more inclined to cooperate and make concessions.
- Using Data and Facts: Support your arguments with data, facts, and evidence to make your position more persuasive and credible.
- Trial Balloons: Float a hypothetical proposal or idea to gauge the other party’s reaction without committing to it. This can help you assess their flexibility.
- Contingency Planning: Present alternative solutions or options in case the initial proposal is rejected. This demonstrates flexibility and a willingness to find common ground.
The effectiveness of negotiation tactics can vary depending on the context, the personalities of the parties involved, and the specific circumstances of the negotiation. It’s important to use tactics ethically and adapt them to suit the situation. If your agent is a long practice skilled negotiator, the better the outcome you will get in your selling price.