BiggerPockets

Negotiations, Part I

Friday, September 18

Negotiations has been brought up several times in forum threads and I felt it was important to blog about them so here it goes, Part I of several:

Treat negotiations as a game, remember, it is business, it is NOT personal! Never take negotiations personally. Allowing your emotions come into play during negotiations can give your opponent the edge they are looking for.

To be a great negotiator, you must be a great problem solver. Find out what your adversary's problems are and deliver solutions to those problems. You can not come into a negotiation stating "This is what I want!" You need to present in such a manner that by your opponent giving you something, it solves their problem.

Another important aspect of being a good negotiator is to start off by being yourself. Establish a rapport and utilize good people skills. These are essential elements to becoming a good negotiator. If your opponent likes you, you will have much more success in the negotiations. Coming across as arrogant or selfish will hinder your chances of a successful negotiation.

Always listen to what your opposing party wants. In many cases, their most important needs are mentioned right off the bat. Having this information and knowing what is most important to them will help you in your negotiations. Remember the 80/20 rule during negotiations. Listen 80% of the time and speak 20% of the time.

Part II of this series will include compromises, body language and gestures, stay tuned . . . .

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including REO rehab flips. Join his next "Make Me An Investor" program by going to www.nationwidepropertyinvestments.com/education and start your journey to creating wealth through real estate!

Comments

No comments for this blog post yet!

Post a Comment

Your Name:
Your Email:
	Subscribe to comments?