| The reality of any negotiation is that it is an | | | | who are simply toying with the market aren't |
| exercise in psychology. Realistic market factors | | | | going to give you the best deal and will waste |
| play their role, but final decisions are usually made | | | | your time. Find out before you get too involved in |
| based on perception. How the seller perceives | | | | the negotiation process if the other party is truly |
| you, the investor, will influence the deal. Here are | | | | interested in selling the property. |
| some tactics to tip the scales in your favor. | | | | Be firm. Be in control of the situation but not |
| Successful negotiators are always one of two | | | | overbearing. Come across as too overbearing and |
| things: extraordinarily prepared, or really good at | | | | you will appear the opposite of in control. Strike a |
| conveying the impression that they are prepared. | | | | fine balance. Choose your words carefully and |
| The problem with the latter is that the bottom | | | | actively. Avoid being passive. State what is going |
| can drop out. Even good actors can run out of | | | | to happen. |
| tricks when they aren't completely prepared. You | | | | Know the value of a good silence. This can be |
| don't want the other person involved in the deal | | | | applied at any time, but it takes a good instinct to |
| to see you bluffing. | | | | know when. Use silence to your advantage. When |
| The best way to avoid this is to simply be more | | | | the other party has shot back with a demand or |
| prepared than the other person. Know everything | | | | an offer that is outside of your preference, be |
| about the area, type of property, similar | | | | silent. Allow them to feel a bit doubtful, ill at ease. |
| properties, prices, and market fluctuations. Do | | | | If they have to second guess their own tactics, |
| your homework. That way, you can come into | | | | you are already gaining an upper hand. |
| the situation confidently. The minute you waffle is | | | | Learn from the best. Seek out someone you |
| the minute someone else gets the upper hand. | | | | trust who knows their stuff and see how they |
| The next link in the chain is to ask about what | | | | operate. The most successful property investors |
| you don't know. Coerce the opposing party into | | | | know you don't learn negotiation tactics simply by |
| divulging any information that can be useful to | | | | reading about them. Negotiation is a skill best |
| you in your negotiation. This is one of the best | | | | learned by observation. Observe their mannerisms |
| ways to break down the fortress to get to your | | | | and pay close attention to what is said and what |
| best deal. Bombarding someone with questions is | | | | is left out of the conversation. Use what you see |
| unnerving. You don't want to make them so | | | | as a basis for how you operate. Model, but don't |
| uncomfortable that they choose to step away, so | | | | imitate. If you act in a way that is foreign to you, |
| pull back before they do and come at the | | | | it becomes very obvious. |
| negotiation from a different angle. | | | | Practice negotiating in your everyday life. This |
| Essential questions to ask are those that uncover | | | | doesn't mean you have to haggle with a gas |
| the true motivation of the seller. This requires a | | | | station attendant. Negotiation isn't just getting |
| little more tiptoeing than some other situations | | | | your way. It is the skill to convince. Try it out |
| because offending the other party will kill the deal. | | | | with members of your family or during discussions |
| However, in order to form the situation to your | | | | on the job. Remember to be perceptive and |
| advantage, you've got to understand what the | | | | study the psychology of others around you. If |
| seller wants. | | | | you can sense what they want, it can always be |
| Successful real estate investors know that you've | | | | used to your advantage. |
| got to purchase from motivated sellers. Sellers | | | | |
