Everyone likes to negotiate! We may say we don’t, but we all do. Think about this: If you were to offer a price for something and the seller said “Yes” right away, how do you feel? Good you got your price, but you are feeling bad because maybe they would have accepted less. Negotiating is key to getting any good deal in real estate also. Here are some ideas to help with negotiation:
Be Prepared. If you enter a negotiation without the proper preparation you’ve already lost. This process begins with you. Be clear on what you really want out of the negotiation. Also, research the other side to get a better understanding of their needs as well as their strengths and weaknesses.
Ask Questions. You’ll want to do this both before and during negotiations. When you ask questions, practice silence after your question. Let them talk and listen for clues. You will learn a lot more if you zip it (your lips that is) and let them talk. You will learn so much when you listen and they talk. You want to ask them open-ended questions to give them room to talk and give you details. Try not to ask a question that requires a yes or no answer. You can learn a lot by their answers.
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Timing is everything. Timing is an important key in any negotiation. First you must know what to ask for and then you have to know when you ask for what you want. You have to know times that you should press forward, and times that you should be patient and wait. When you are doing your best is the time to pull for what you want. Be cautious of pressing too hard because it could potentially ruin long-term relationships and prevent new relationships from forming.
Set your rules. Many people likely have a set of rules or values that they just won’t compromise. If you find negotiations are breaking your rules and going against your values, it may not be worth negotiating.
Ask. Don’t be afraid to aim high but do not make any ultimatums. Usually these types of offers are out of place. If you don’t ask the answer is always no.
Be willing to compromise. Expect to make compromises and plan what terms you are willing to compromise on. Even if the first offer is better than you’d hoped for do not take it. Take time to “think about it” or make a minor change back. If you accept the first offer they might not feel good about the deal they made with you. Everyone wants to negotiate and feel they got a good deal.
Wendy Patton is the nation’s leading author and trainer in 
lease options, rent-to-owns and subject-to deals. For more information on Wendy Patton visit her website at www.WendyPatton.com.
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