Everyone likes to negotiate! We may say we don’t, but we all do. Think about this: If you were to offer a price for something and the seller said “Yes” right away, how do you feel? Good you got your price, but you are feeling bad because maybe they would have accepted less. Negotiating is key to getting any good deal in real estate also. Here are some ideas to help with negotiation:
1. Check your ego at the door. The best negotiators either don't care or don't show the opposite side they care about who gets credit for making the deal a success. The talent is in making the other side feel like it was their idea to finalize the agreement.
2. Summarize and confirm. At the end of any negotiation it is best to always summarize the points covered and any areas of agreement that you and the opposite side agree on. Be sure that both are in agreement. Do not leave behind loose ends. Wrap the deal up and take your next steps.
There are many good books and CDs on the market to learn more about negotiation skills. I encourage you to buy some and study different ideas. It will help you in all areas of life, but is essential in real estate investing.
Excerpt from Top 10 Negotiation Techniques for Buyers and Sellers - Tips for negotiating Real Estate, By Wendy Patton.
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