One of the challenges of buying a vehicle is that you'll often have to go through a lengthy negotiation process with the salesperson. Although this experience can be taxing, it does have a silver lining — it can provide you with some valuable negotiation tactics that you can use when you're trying to buy a home. If you're being represented by a real estate agent, he or she will handle the negotiation, but only proceed based on your wishes. Here are some negotiation strategies that you've likely learned while buying a car — and that you can implement when you're buying a home.
Know When To Walk Away
Amateurs can stay attached to the idea of buying a specific vehicle or home because they like its features; seasoned negotiators know that they need to have a point at which they walk away. Just as you might have learned on the used car lot, you should have an idea of when you'll abandon the idea of buying a certain home. It could be because the seller is unwilling to be flexible with the price or because the back-and-forth process of negotiating is taking too long. Whether you inform the seller that you have a "walk-away" date or you simply make this commitment to yourself, this tactic can help in this process.
Ask For Things To Be Thrown In
When you negotiate to buy a car, you can often ask for things to be thrown into the deal when the salesperson is stubborn on the price. For example, you might ask for and get a new set of tires or a year's worth of free oil changes. You can take a similar approach to negotiating the purchase of a home. If the seller is reluctant to drop the price to your desired level, ask for the appliances to be included in the sale or for the seller to fix some specific issues around the home, before the sale.
Continue Your Search
In the car-buying process, one of the best tactics is to tell the salesperson that you're only lukewarm on his or her car because you're looking at some other vehicles around the city. This approach works in the home-buying market, too. Don't solely focus on one property; instead, look for a few different homes that you're interested in. When one seller seems resistant to negotiate, you can say that you'll simply focus on another house for sale. This might make the seller change his or her tune.