Today, we’re excited to share the third and final installment into our series on negotiation tips for buyers. If you didn’t catch the first two installments, you can find part one here and part two here.
This time, we’ll be discussing three advanced negotiation tips for New York City buyers. If you are located in another market, though, feel free to reach out to me for more information about buying in your specific area. So, without further ado, here are today’s three tips:
1. Wait a week (or more) before following up on your offer. Not all brokers will tell you to do this, but, if done properly, this technique can help you add a lot of leverage to your position as a buyer.
"Citing recent statistics to support your offer will help show the seller the logic behind your position."
2. Reference a new development in the market. Decisions involving money tend to be emotionally driven, but citing recent statistics or data to support your offer will help counteract this by showing the seller the logic behind your position.
3. Renegotiate after the contract is drafted. The number you and the seller initially agreed upon isn’t set in stone. If you are in a strong enough position to do so, trying to renegotiate down to a lower price as you approach closing can be a very effective power play. Make sure when you counter back with your new price, though, that you let the seller know this new offer is final.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.