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3 Powerful Negotiating Tips For Real Estate Investing Deals
Copyright (c) 2007-2023 Peter Conti
There are many aspects to investing in real estate that need to work like a symphony. All must do their part and perform well. And it doesn't matter if you're investing in homes or commercial property.
One of your most powerful skills is your ability to negotiate. But don't let that word scare you.skill
As you'll soon discover, negotiating a winning deal is simply a that can be learned. You've been negotiating all your life. We all do it every single day to get something we want.
Here are three very powerful negotiating tips you can use right away in your own investing adventures.
1. One of the greatest concerns a seller has is the fear of making a mistake. A person who's driven by fear during negotiations tends to constantly look for something wrong. And that tendency causes a seller to disagree with almost anything you say.
What you'll do is simply turn it around. Here's how...
Your goal is to lead the seller through a process of admitting obvious truths with you instead of defensive arguing. And you can skillfully turn this into a winning deal.
Here's a quick example...
Seller: I listed the property several months ago with a local real estate agent.
You the investor: And that's been working well for you? (Turning it around...instead of saying, "That hasn't been going so well?")
Seller: No, not really. We haven't found anyone who's serious.
This is a very typical scenario. Notice the seller still disagrees with you. But the difference is the seller is telling the obvious truth. And there's no 'defensive' arguing leading to building walls with you.
2. Learn the language patterns of reluctant buyers. There are specific language patterns used. You can simply learn them to become a more effective negotiator.
The most often used pattern is how everything is 'qualified' before saying it.
Here are just a few patterns you can use:
"I'm not sure about this, but maybe we can..."
"This might not be possible, but what if..."
"I don't know if my partner will agree to this, but what if I persuade her to go along with..."
What's happening is you, the reluctant real estate investor, are subtly stepping back from a deal. You're not totally backing out. The effect is subtle when properly executed.
And this creates psychological space.
The natural tendency is for the seller to move forward to fill that empty space. It's a natural human thing to do. We've all done it in various scenarios in life.
This is very powerful once you've mastered your own style with this technique.
3. Never discuss specifics of price, terms, or numbers until you've spent time talking through the seller's motivation to sell the property. In addition to helping solve someone's problem, your benefit will be getting a great buy.
I'll explain why this is so important...
First, emotional reasons are at the core of all buying and selling decisions. People make emotional decisions justified with logic to make us 'feel' like we did the right thing.
The seller realizes and is intellectually aware of the motivations for selling the property. But spending time bringing out the motivations through sincere discussion will make the seller feel it. The focus shifts from a mental awareness to emotional feeling.
And when that happens you'll also get to the real motivating reasons for selling the property. The last and most powerful benefit from doing this is...
You'll be creating an emotional rapport, or bond, with the seller. And that leads directly to the single most powerful negotiating tip of all.
Master the ability to create an emotional connection with people.
The only way to achieve high success investing in real estate is to negotiate great deals the seller and you feel good about. The seller feels good because you've met her needs. You, as the investor, feel good because you made a healthy profit.
Creating an emotional connection compels the seller to work with you. Rapport builds trust and a willingness to work with you as a 'team.'
Use these tips in your own real estate investments because they work. They are just a small handful of what I've used in my own investing career.
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Peter Conti, http://www.MentorFinancialGroup.com, is America's leading real estate investment expert. He has helped thousands of clients create financial independence using real estate through his many books, investing courses, boot camps, lectures, and personal mentoring. Peter still actively invests in single family homes and commercial real estate.
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