Real Estate Negotiating Techniques – Build Wealth in Real Estate One Yes at a Time

There’s a lot that can be said for real estate negotiating techniques as far as how much of a powerful skill it can be in the arsenal of the real estate investor. In fact, it may be the very most important skill you’ll employ to build wealth in real estate. Here are some tried and true real estate negotiating techniques I’ve used and observed (and had used on me).

91. “Yes”. Just say “yes”. Don’t elaborate once you answer and concede a point. Go right back into questioning THEM. Regain control.

92. “If you and I can’t do business today, what will you do with the house?” Learn to find the problem and remind them of it.

93. Understand perceived value. Use it. This is a powerful negotiating technique. Just because it’s not important to you doesn’t mean it’s not important to THEM. Find out where their perceived value lies and offer it to them- at a price.

94. There is no such thing as a non-negotiable anything in business (with few exceptions). Always ask. Always push.

95. Know when to use LEVERAGE and how. For just one example, I use leverage in one way by working with a BUYING GROUP that negotiates with developers to buy properties in bulk, at a discount, and with terms no one else gets. Why? Leverage. Well, and negotiations…;) But I repeat myself…

96. My definition of “negotiations”: “the strategic application of leverage in conversations that s value to translate into action by bringing about an agreement in principle among two or more parties, the objective of which is to gain more than you give (while having the other party believe the same)”.

97. Write “FIRM” after a cash offer you make as a buyer. People are less likely to challenge this in real estate negotiations.

98. Always follow-up. Circumstances change. Your rejected offer of three months ago could look great today. Follow-up. Follow-up. Follow-up can be key if you want to build wealth in real estate.

99. Strive to let the other guy believe he got the best of the deal (or at least as good of a deal as you did). No one likes to think they lost.

100. STOP taking what others- brokers, realtors, buyers, tenants, investors, businesspeople etc.- say as if it is a fact. Do your own due diligence and analyze independently.

101. Learn to use the “verbal flinch”…and follow it up with “Is that the best/least/most you can do?” I can attest that asking this one question makes thousands of dollars out of thin air. But, alas, you have to HEAR it to really understand…

102. If you get an answer on price or terms you don’t like, LAUGH and say “Funny…what’s your second choice?” This is a fun real estate negotiating technique.

103. Learn to verbally pace people’s language patterns (fast/slow, high/low, mellow/intense) to build rapport and trust- people like doing business with people who are like them and talk like them. That’s some Jedi-level verbal judo I’ve yet to meet anyone master…but even just becoming consciously aware of it can make you a better negotiator.

104. Remember that knowledge is not power. APPLIED knowledge is power. Apply what you know.

105. Use “If I could do X, would you do Y?” Use it at every opportunity.

Skip the Apology – Retain Your Presentation Credibility

An accomplished physician and researcher from Puerto Rico was presenting at a conference of her peers in the United States. “First,” the doctor began, “I want to apologize for my English.” Sitting in the audience, I felt the energy drain out of the room. Audience members collectively caught their breath, preparing to sit through a problematic presentation.

I wanted to rewind the tape and skip the apology. Apologizing in a speech, especially in the introduction, automatically decreases your effectiveness.

A primary goal of an introduction is to establish the speaker’s credibility. To begin with an apology is to begin by undermining your own credibility and set a negative tone for the presentation. Not only did the doctor’s apology expose a lack of confidence, it diverted attention from her expertise. The apology was entirely unnecessary-the doctor’s skills as a clinician and a researcher had earned her the right to present.

It is appropriate to acknowledge an obvious difference that might distract audience members from your content, something like a heavy accent or the presence of a wheelchair. The doctor might have begun, “I’ve come from Puerto Rico to report significant findings from my research. These findings may impact your clinical practice in substantial ways. As we work together today, you might notice that English is not my first language. Sometimes my brain goes faster in Spanish than my tongue can translate.

The same is true if you should encounter a problem with the room, with the equipment, or with another speaker failing to arrive on time. If the audience knows about the problem, acknowledge it. Then confidently report how you are going to handle the situation and get on with it. If you appear to take the situation in stride, the audience will as well.

Acknowledge differences and problems that arise, but skip the apology. Your credibility-and often the success of your presentation-depend on it.

Negotiating Debt Settlements – How to Use the Threat of Bankruptcy to Eliminate Unsecured Debt

Any kind of negotiation needs appealing skills. To negotiate debt settlements with the creditors one has to be up to date with his arrears, interest and principal amount. So, gather all the information for liability payment from the card organisation, chart out the stats and have the information on the tips of your finger to appeal to the creditors and negotiate debt settlements.

Write down the negotiation in the form of a letter, though conversations are always better. Talk to the creditors on phone and be appealing leaving a good first impression. Do not rely on verbal agreement, they are insecure and cannot be counted upon. Have the agreements on paper with clear drawn out ideas. Do not show the eagerness to negotiate debt settlement early in stage.

Keep a track of all the investments, expenses done. Cut down on the habitual spending; assess the rate of interest and any fees that have to be paid on the regular agenda to negotiate debt settlements. Maintain equilibrium between the amount of money at hand and the arrear amount to be paid.

Pay the liabilities intelligently, have priorities, pay off the arrears with higher rate of interest giving them more attention than the amount with lower rate as they might stack up to a huge amount in the future. Use the money at hand wisely keeping future in mind. Few of the debit negotiating companies place trust on the borrowers by collecting a minimal amount of fee monthly on a condition that the borrower will pay the arrear amount in full on a future date mentioned in the agreement.

Hire a professional negotiator if affordable and put forth a proposal of repayment of liability in front of the creditors clearly charted out. Initially, one would face rejection but then the most appealing ones are always opted for. Ask for any schemes available in the organisation to negotiate debt settlements, include the same (if any) in the charted out plan. Show the creditors if opting for any loans, take help from different funding organisations or any financial sources and make sure borrowing from them is not adding up to more arrears.

Finally keep the words said, commit to the negotiation done. Check for the genuineness of the lending organisation, if they are following to the agreed requisites. Follow the agreed terms, keep up with them for future financial security.