Tips For Successfully Negotiating A Real Estate Deal

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  • Author Charles & Kim Petty
  • Published April 28, 2010
  • Word count 547

One of the most frequently asked questions is “ how to negotiate for something?”

Many can't negotiate and a few think it’s below their dignity to negotiate. There's nothing wrong in saving money in a deal, is there? Well, instead of paying extra or being fooled for money in a big business or a real estate deal, you might as well negotiate and save some bucks. Everything can be negotiated it’s only the party with good negotiating skills that walks away with the best deal. Here are a few strategies for negotiation that can help you get a good deal. These tips can be used regardless to selling or buying any property.

Be a listener and not the speaker:

Many people say “we don't have the gift of the gab, so we can't negotiate”. Well, it’s a notion people carry! In fact, while striking a deal one should listen to the other party and get facts and figures out of them. If the party finishes their presentation, make sure you ask them questions persistently. With this your doubts would get cleared and you would gather substantial information. Don’t jump to any figure (amount) or conclusions unless you've spent enough time with the other party. Since this is the initial and the most crucial stage, you have to spend serious and sincere time with the opposite party in order for them to be serious and sincere too. This shows the amount of interest you are both investing in the deal. 

Get emotionally involved with the opposite party:

This is one of the oldest and the most common methods used by old-time sellers and buyers. You have to take the other party in confidence and portray that you believe everything they say. Make them believe that you are the ultimate party striking the deal with them. This helps them feel that your the one they were looking for. With this, the opposite party opens up more and you get the exact picture about the person. Sometimes, it may happen that you come across a reluctant buyer/seller.

Fixing the price:

Most times it’s the seller who has to quote the price first. It’s actually very confusing for the seller specially so if he is new to the industry. If one is new and wants to strike a deal it’s advised he take some tips from a professional before starting. Actually, it’s best if a seller can influence the buyer to quote his price instead of quoting his selling price first. Thus, it’s advisable for the seller to learn skills to analyze the opposite party’s budget. One can learn this only after lot of practice, patience and interacting with different people.

Once you have disclosed the price, try not to budge, because you are looking for your profit and that’s why you've quoted the price. Again, there's another side to it, which is, you also have to compromise somewhere to the closest deal. You don't always get a perfect deal or a deal at par. Remember, with your slick and smooth talks you can make the party strike a deal at your terms and costs.

Virtual Real Estate Investing Experts Kim and Charles Petty have been

involved in over 700 real estate transactions in the last 9 years and

are the creators of the Ultimate Turn Key Virtual Real Estate

Investing Systems for investors all around the world who want to take

advantage of the awesome profit opportunities in today’s real estate

market. They are the worlds leading experts on Virtual Real Estate

Investing. Investors go to www.VirtualRealEstateInvestingProfits.com

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