Negotiations Part III

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Negotiations Part III

Wednesday, December 10

Negotiations, Part III

Negotiating tips:

* Find out what the other party wants and help them get it.

*Don't get defensive. Stay positive and confident.

* You will have better negotiations if the other party knows you have other options and with those other options, they will lose the deal.

* Blame Someone Else. If you do not want to give a concession, blame your spouse, partner, attorney, etc. etc. This way, it appears that you want to give the concession, but can not due to the other blamed party.

* Perception - Make it appear that you do not want the deal, or that you don't need them as much as they need you.

* Refer to a third party or bring in an expert to back up your position.

* Work ONLY on issues that can be resolved. If you are stuck on an item, then move on to something else and come back to it.

* Question the other party's statements with your research. Example: Question their appraisal with a statement of, "based on my reasearch," then show them actual comps.

* Challenge the written word. If you do not like what you see in a contract, then cross it out. Just because it is written, does not mean you have to agree to it. Everything is negotiable.

* Give positive verbal and non-verbal feedback.

* Ask permission to take notes. If there is ever a discrepancy down the road, you can refer back to your notes and show them.

* Never respond to hostility with hostility.

* Only issue an ultimatum when you are willing to force their hand and if need be, walk from the deal.

* Never leave the offer open ended. Be sure there is a deadline which creates urgency on their part.

In the final post, Negotiations Part IV, I will discuss concessions. Stay tuned.

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

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Negotiations Part III

Negotiations, Part III

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