Buyer Strategy in a Seller’s Market
“Never negotiate hungry. Or tired.”
–Ross Kaplan, “Negotiating Advice” (12/7/2010)
As I’ve discussed on this blog previously, the “How” of negotiating can be much less important than the “When” or “Where.”
As in, “when to stop negotiating (and take a break),” and “never negotiate while driving” (you can’t take notes).”
If time (and timing) is the biggest stealth factor in negotiating, it follows that knowing whether time is your friend or enemy is the biggest overlooked variable.
So, here’s a good corollary:
“In a Buyer’s market, time is the Buyer’s friend; in a Seller’s market, time is the Buyer’s enemy.”
Letting the Other Side “Think About It”
What do I mean by that?
When the market is cold, walking away from the table and letting the Seller “think about it” can be an effective way to break an impasse (typically, the Seller will come down).
In a Seller’s market like today, a Buyer who walks away from the table — however temporarily — risks that another Buyer will show up (and pay the Seller’s price, or closer to it).
See also, “Negotiating Tips”; “How to Become a Good Negotiator“; “The Key to Successful Negotiation“; “‘Splitting the Difference’ and Other Negotiation Tactics”; and “Written vs. Verbal Counter-Offers.”