I’ve written before about the need to be discriminating about how you choose your clients.  That’s especially true during a down market.  You just don’t have time to babysit clients who are not serious about buying or selling.

After all, you have a great website where people can go to research the market.  Right?  So, while consumers are trying to make up their mind, you are providing them with the tools and information they need to do that.

But, holding out until you find “good” buyers and sellers can be difficult – often, a knee-jerk reaction is to take on what comes your way.  I came across an article by Bob Corcoran published on Broker Agent News.  Bob’s article discusses three ways to obtain better listings.  And, in that article he talks about establishing a walk-away price.  I think that’s a great idea whether you’re working with home owners or buyers.   Setting an expectation in advance will help you stick to your guns.

Before you go to your next listing appointment, identify your walk-away price on the home to be listed.   If the homeowner insists on listing the home above your walk-away price. . .  of course, you promised yourself that you’d walk away.

The same principle can be applied when you’re working with buyers to avoid a protracted negotiation.  Set a walk-away price with your buyers.  As soon as it seems as if the negotiation is going to go on and on until you meet the seller’s price – you got it – walk away.

And, take your buyers with you.