Creating Wealth Through Real Estate

Part II of my Negotiations educational series here on BP Nation. Please provide any comments or questions you may have.

Negotiations are often all about compromises but should never be the goal itself. It is only a negotiating tool to use if and when you need to. When you are attempting to get something you need and the other party is not obliging, often you can turn to a compromise to get what you are looking for. In other words, give them something small to get something that is necessary or important to you. You should also find commonality with those you negotiate with. As stated in part I, if the other party tends to like you, you will be a more successful negotiator.

 Mirroring and matching is also an important tool for usage in negotiations. This requires you to use the same words your opponent uses, the same rate of speed at which they speak, and the smae volume at which they speak. Match their body language and their gestures and always match the same eye contact they give you. This process does not mean that you are not being yourself as suggested you do when starting off negotiati9ons, but it is adjusting your physical gestures, approach, eye contact, etc. to match your opponents'. 

Here are some questions to ask yourself BEFORE you begin negotiations: What is my desired outcome? How do I stand to lose if I don't get the desired outcome? What is the other party's motivation? What is my walk away point? Are my expectations realistic for this situation? What support material can I gather and use? What list of alternatives or concessions am I willing to use? What compromises am I willing to give? Knowing the answers to these questions is imperative to better prepare you in advance for the negotiations.

In Part III, I will discuss negotiating tips, don't miss the next blog post!

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. For all short sale and REO investors, Will can provide your transactional funding needs. Contact him by email today for more details.