In the property market, there is one thing which you absolutely must be good at… negotiation.
There are no two ways about it. If you can’t negotiate you are never going to get the best deal, which means that you are going to be paying over the odds for a property or simply coming off financially worse in a transaction.
Who wants to lose money?!
I would suggest no one. However, for a lot of investors I speak to, the reason they’ve come off so badly when a deal fails, or they’ve lost thousands in trying to get a tenant out of their property, or simply because they’ve been desperate to get a solution that wasn’t there is because they’ve failed to negotiate the best possible outcome.
How do you get the best possible outcome I hear you ask?
Well simply by weighing up the worst possible outcome v the best possible outcome in every situation and deciding what you would settle with and what you would be over the moon with and then setting out to achieve that. Basically you’ve got to aim for, NO MATTER WHAT, ending up in front.
So how do you do that… by using these tools (which I’ve used over 7 years of being in property and they haven’t failed me yet!):
Listen – hear what the other party are saying and what they want out of the deal and why they haven’t agreed to what you want already.
Find a Solution… For Them! – come up with a way of solving their problem whilst still getting what you want (yes if this means paying some of the costs of your tenants moving so that they leave without you running up anymore debt, then surely this is a better outcome).
Leave your personal stuff at home – Any form of negotiation is BUSINESS. Don’t jump in and get angry or loose the plot… you are there to do a deal. Any form of aggression will lose it for you, so sit tight, stay calm and hear the other side out.
Be empathetic – Be understanding of the other person’s situation. You may not agree, it may not be how you do things, but if you seem to be genuinely concerned for what they are going through you are far more likely to build a relationship where a positive outcome is agreed.
Leave the negotiation on a positive note – give the other side some thinking space and leave them thinking ‘if I agree to this, then actually I feel relieved’, remember that small actions go a long way. Give a deadline… i.e. you need to come back to me in 3 days and then be patient. 9 times out of 10, if you present your argument well, whilst also finding them a solution you’ve got the deal in the bag!
Remember I’m here to give you the confidence to build a property portfolio that generates an income in these risky times, based upon best practice and up to date info (no messing around or one size fits all strategies, this is based upon your dreams and aspirations). If you want to try my services out for FREE then jump into my Property Investment Success Summit. Or if you are ready for the FULL AWESOMENESS and to make immediate progress then come over to the Members Club.
So now you have it, the secret success formula to negotiating a successful deal. Leave your ego at the door and go in and problem solve, I promise you will come off better for it and surprise yourself with what you can achieve!