Yesterday’s Chicago Tribune had one of the best real estate articles for both home buyers and home sellers. Titled, “Loose lips might sink deals“, the article gave examples of how talking too much can cost you when it comes time to negotiate a real estate purchase or sale.
The Tribune article also pointed out how easy it is to end up sharing information that the other side will use to their negotiating advantage. Think you’re too business savvy to make such a mistake? I’ve had business owners and corporate presidents as buyer clients who didn’t have loose lips, but they didn’t have to say that they loved a home. Their non-verbals said it all and right in front of the listing agents!
You don’t just have to be careful when the other agent is present. While vacating the home for the showing the seller could be visiting a neighbor next door and able to hear what you say in the back yard or out on a balcony. The cab driver taking you to your next showing could be friends with the door staff in the building you just visited and happy to share your comments in the cab with the door staff who will be more than happy to pass them on to the seller. Some of my clients had lunch one day in a restaurant next to a new development I had shown them. They heard other buyers loudly blabbing away about their purchase in the same building.
Years ago buyers viewed one of my listings with their buyer agent. I wasn’t present, but the owner’s cousin was. She overheard the buyers talking with their agent about how much they liked the home. So when the initial offer arrived I advised my client not to budge on the price. She held firm and got full price.