Two more key strategies

Here are two more key negotiation strategies that can help you build your property portfolio.

1. Expand the pie - don’t just focus on price in your negotiations. Try to bring in as many factors as you can.

Often you’ll find that you or the other party can gain significant value from a non price item (e.g. a long or short settlement, access rights, etc).

By including these other factors you may find that a great deal can be brokered where everybody wins.

2. Come to price last - don’t name the price first if you can avoid it. This one is a little tricky with real estate.

Often you have to make an offer, or the vendor may have named a price already.

However, where possible, you want the other party to bring up the price.

More often than not, the person who mentions price first doesn’t do as well as the other party.

Also, at the point where a vendor mentions a price, don’t be afraid to say in a shocked tone ‘how much?’

You’ll be surprised to see them drop their price if they feel you think it’s too high.

BUT, be sure that once you’ve asked the ‘how much’ question you don’t say anything else - let the awkward silence hang in the air. Often the other party will find this hard to handle and it adds to the pressure to drop the price.

Remember: practice negotiation - it could be the highest paid work you’ll ever do!!

Well, I hope that helps. Remember - practice negotiation - it’s the most highly paid work you’ll ever do!!

To learn how to become a better real estate negotiator, click here.

Warm Regards

Hans Jakobi – Your Wealth Coach®
Real Estate Secrets