Negotiations, Part 1

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Negotiations, Part 1

Tuesday, December 09

Negotiations is a key element in real estate investing and one must become an expert in order to excel at buying properties at great discounts and with great terms. Just the same, one must have this gift to obtain the highest price and best terms when on the sell side as well.Becoming a great negotiator is not easy and takes practice, but educating yourself with the proper techniques can give you a leg up. Negotiations should be treated as a game! It is a business and should NEVER be taken personally. Keep ion mind that negotiations should be a win win scenario and the better you become at this, the more deals you will be able to conquer.As a negotiator, you must be a Problem Solver. Identify the problem of the seller or buyer, as the case may be, and then work on a plan to solve that problem. Starting off with, "This is what I want!" will not get the job done. You need to show that you can solve the problem at hand and by getting what you want, ultimately solves their problem. Always be yourself, stay true, and establish rapport. Utilize good people skills. Listen to what they want as they will mention their most important needs right up front.Negotiations are often all about compromise. Compromise should never be a goal itself, just a negotiating tool used ONLY if you need it. Find commonality. Others tend to like people who they are like. Also use a technique called Mirroring and Matching. This is accomplished by using the same words they use, the same tone they use, and at a similar rate of speaking. Always speak at the same volume they do and match their body language. Mirror their gestures, match the same eye contact they give you.In part two, I will discuss questions to ask yourself before beginning negotiations. It is imperative that you formulate answers to these questions to be prepared for the negotiations.William Barnard is managing partner of Nationwide Property Investments, LLC, a full time real estate investor, educator, speaker, weekly radio show host and mentor. He completes millions of dollars in real estate transactions each year and has been involved in nearly every aspect of real estate investing. Join his free investor list as well as the new paid membership area which provides education, training, and savings on a variety of products and services related to real estate investing at www.nationwidepropertyinvestments.com

Comments

Tony L. Reply
about 3 years ago

Will, Your blogs and posts are a valuable asset to BP. Look forward to reading them as always.

T
Will Barnard Reply
about 3 years ago

Thank you for your kind words Tony. I enjoy doing it.

Website:	http://www.barnardenterprises.com
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Negotiations, Part 1

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