Everybody wants to get the best possible property deal, but very few actually know how to do it. Nathan Birch of Binvested Group suggests these seven ways to get ahead of the pack.
Leave your ego and emotions at the door
The better negotiator you are, the less emotion you will show. Using humour is a great way of disarming the other party and hides from them what you are really thinking.
Listen, Listen, Listen
Selling isn’t telling, it’s listening and listening well. Not listening is a sign of disrespect. Listening carefully gives you little clues that can give you an insight into the other person that are not obvious to the casual observer. If you have poor listening skills, you will ultimately have poor negotiation skills.
Prepare any arguments before you walk through the door for negotiations
Having information at hand is key for being proactive and gives you more confidence for calling the shots. Be clear on what you’re hoping to achieve and write down your ideal outcome(s). Know what to ask for and when to ask for it. Timing is crucial, as it can cost you the race.
Have confidence in your preplanning, ask for what you want and be assertive with your expectations
If you don’t ask for a certain price, term, or inclusion, you’re not even trying
. If you have a solid rapport and you deliver your case with confidence, portraying what you’re requesting is not out of line or unreasonable, you have a far greater chance of achieving your desired result.
Be flexible and realistic
If you’re going into negotiation more aggressively than you need to according to your goal, don’t suddenly get greedy and renege/stall. You also don’t want to take a first counteroffer, however, present another opportunity to the other party closer to their response. Remember that timing is of the essence, and more important than screwing the last $5 off someone. If you get too greedy you can end up losing the deal.
I’ve seen many people go through the thrill of the negotiations just to go cold at the end. If you cannot commit, it is a sign of disrespect, and you will lose credibility. If the other party you are dealing with shows no sign or level of commitment, then perhaps you are being too generous. At the end of the day, any deal comes down to both sides being in agreement on fair and reasonable terms.
Close on a positive note
For example, if I am talking with a real estate agent and putting my offer forward, I will end the conversation with a reassuring close. For example ‘Ok, Great. Please keep me posted so I can organise a time to come over and sign the contract’, or ‘Ok, Great. Can you please give me your details so I can put the deposit into your account?’ This shows that you are serious, you are committed and you’re the easy option. You may not put the money in right that minute; however, it’s making an assumption of the deal.
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