Negotiating for Beginners - tips and secrets

[Scott Garrels]

Hello,

I am still relatively new to REI and to BP. I wanted to seek some experienced guidance regarding Negotiating skills, a critical piece to success in this field I am sure.

If you have a deal that meets your targets and you have identified your max price point for an offer where is the best place to start?  Do you start at 80% of your max or some other spot?  At what point would you try and negotiate terms to offer a better price for the property?

I realize each deal has its own unique factors, but a general idea here would be extremely appreciated.

[Herndon Davis]

Research is KEY
Confidence is a GIVEN
I struggled with the same thing.  I'm a number cruncher and have the ability to memorize all aspects about a property.  But I wasn't as savvy talking the talk.  You know shooting the fat, BS-ing folks and thinking quickly enough on my feet.  Over time you will develop those skills as you understand the deals and not just memorize the facts and figures as I used to do.

When all else fails, take a deep breath and say "Let me think about that"