A quick word first1
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I told my friend Jack about quoting him in the article about decision-making that I put up earlier this week. He told me about a negotiation experience he had some years ago, when he and his wife were selling their lovely suburban home and moving into the city.
I asked if I could share the story with Jazz readers and see what they would have done had they been in his shoes. (Thanks, Jack, for your okay!)
He went to the biggest real estate firm in his town and met with its owner, (call her Beth Johnson). She told Chris (also a pseudonym), her best broker, to visit Jack’s beautiful home and assess its value. “We’ll set an ambitious asking price,” Chris said. “You want to anchor high and give yourself some wiggle room to negotiate. Buyers like to think they got a good deal.” (This was years before the currently ultra-hot sellers’ market.)
Two weeks passed, Jack got a call from Beth, asking to come over and talk. “This is embarrassing,” she said after arriving. “But Chris, your broker, wants to buy your place. I know this is unusual, but I can’t do anything about it.” Jack asked the amount of the offer. It was 18 percent less that Chris had set.
What would you have done if you were in this situation? I’ve put up a confidential Survey Monkey poll that has three options:
1. This is unprofessional. I’d fire Beth and Chris and find another real estate company.
2. Yes, it’s unprofessional, but I knew that the asking price was just a starting point. I wouldn't let my anger get the better of me. I'd negotiate and see if I can get Chris to improve the offer.
3. I wouldn’t do either Option 1 or Option 2. (If you choose this, explain what you would do instead, and why that’s the better path.)
Here’s the link to the survey.
I’m looking forward to reading your responses. And if you’ve ever been in a situation somewhat like this, I’d love to hear what you learned from it! In an upcoming post, I’ll share your ideas (anonymously, unless you say otherwise) and add my own thoughts.
Housekeeping
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Thanks! Mike
Photo Credit: Feverpitched on iStock.