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.

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!