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Negotiation Tips for Real Estate Investor

He who talks first loses. When you are negotiating and you give a verbal offer, or ask for something else in the deal, ask the question, then remain quiet. If you speak, you lose some of the leverage you just had.

When selling a property, ask for more than you expect to get, when offering to buy a property, offer less than you are willing to spend.

Don’t act too interested. Be sincere, and of course ask questions. If a seller senses that you have a strong interest, he is more likely to hold closer to his asking price. If he senses that you have a weak interest, he may lower his price to raise your interest level.

When negotiating, remain upbeat, positive, and friendly. People like to do deals with people they like. Be likeable. Even when you submit a low offer, don’t be insulting. You can even let the seller know beforehand it will be a low offer, and why.

Try to create a win-win outcome. Everyone wants to feel like they made a good deal. Even if you just made the greatest deal of the century, let the other party feel like a winner also.

Put yourself in the other fellow’s shoes. It can give you a perspective that may help in the long run.

Focus on the issues, not personalities. Sometimes negotiations can become tense. You may start to dislike your opponent. Once this happens, take a step back, review the issues, and remember, this is what it’s all about.

Don’t blame, point fingers, or call names. Remember, people will give a good deal to people they like. Don’t always let the other party know what you are thinking, especially if it is adversarial about them.