I must say I'm 98% inspired and 2% frustrated, but thought a mildly inflammatory title might get more views. :)
First off, if you haven't read Chris Voss' "Never Split the Difference" and listened to podcast "The Ultimate Guide to Negotiation", do so right now! Really inspiring and informative. Hands down my favorite podcast so far.
I'm an out of state investor (investing in Missouri), therefore I'm buying through the MLS, at least at the moment. I understand the premise from the majority of the lessons of the book require a negotiation to be in person. That said, that's just not an option for MLS listings.
I'm speaking through two people normally (my agent and the listing agent). There's not much room for FBI style negotiations here. At least I don't see many.
Lessons that I believe may be applied
- Take your time (don't respond to counters quickly)
- Don't use numbers ending in zero. Make it seem like a lot of thought went into the amount ($41,071 vs $41,000).
- Follow the 4 bid plan as outlined in the book (first offer is 65% of my desired price, and incrementally go up in smaller offers, finally end with adding something of little value to my final price).
- Get as much information as possible on the seller. This isn't that easy to do, but may at times yield some sort of dividend.
Does anyone have any other advice for negotiating off MLS listings?
I was also very inspired by the podcast and I am reading the book now. I understand your struggles with implementing this on MLS deals. You may want to send your agent a copy of the book. You would at least get the techniques one layer deeper in the transaction.
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