Negotiating, Part 2


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Negotiating is a skill that is best learned over time. However, with a little preparation and consideration, you can successfully get through the negotiation process and end up with a sale at the end. In the last article on negotiating we looked at the backup, multiple options, and think about it techniques. For inexperienced or new real estate investors, these next three techniques should walk you through the negotiation process pretty easily.

Share your Subject Knowledge

Honest, upfront sellers and buyers are more likely to sell their properties. By sharing your knowledge about the property or real estate investment, it creates a bound with the other person.  They begin to trust you and feel better about working with you on the sale. It also helps the other person to understand exactly what they are getting into so they do not walk into a situation blind. This reduces the chances of remorse or the felling of getting a lemon.

Other Person’s Benefit

We are unfortunately a culture that is centered on “me”. How does this look on me? How does this reflect on me? How will this benefit me? Another way to get through the negotiation process is to highlight or feature how the sale of this property will benefit the other person or “me”. Everyone wants to get best deal possible. Tell the person how he will benefit, and make the transaction seem like it is better than the other person could get anywhere else. This will make the other person feel like those extreme couponers. They have to get that a once in a life time offer.

Urgency

Many real estate investors use a sense of urgency to speed along a sale. Although this technique works, hesitate and only use it as a last resort. This technique tends to leave people with buyer’s or seller’s remorse. Usually to create urgency, an offer is accompanied by remarks about low pricing, the economy, and potential loss of profit. It also appeals to addicted couponers. They have to get it now!

People get frustrated or scared at the thought of talking to and working out the details with another person. It doesn’t’ have to be a scary situation. Prepping your mind and using these techniques can help you get through any situation. For more information on real estate investing, call or visit us at Homevestorsfranchise.com. We have a large assortment of real estate investments and real estate franchise opportunities available. Call or visit us today to see how we can help you grow your real estate business.

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