real estate

7 negotiating tips for sellers under the gun

Have a plan B
8 of 9
Have a plan B

Homebuyers and dogs can smell fear. So expand your options instead of panicking, says G. Richard Shell, author of "Bargaining for Advantage: Negotiation Strategies for Reasonable People" and professor of legal studies and business ethics at The Wharton School.

The strategy: "Set up some sort of plan B," so the buyer sees he or she isn't the only option, he says.

For example, if you can't sell the property quickly, you could plan to rent it or make it available to a local college to house a visiting professor for the school year, he says.

"But the most important aspect of this is that the buyer and the Realtor know this plan B exists," Shell says.

Why it works: Even if the market is bad and this is the only nibble you've had, the buyer knows he or she is not the only game in town.




Connect with us