Tips for Property Negotiations
We start to negotiate the day we are born. Our first cry in the cradle is a small negotiation used against our loved ones in the most beautiful ‘power struggle” of our life. Nowhere more do we manifest the skill for negotiation than when we deal with our staffs and suppliers, not to forget the clients.
Negotiating well comes naturally to us
Likewise, every property investor worth his salt will tell you just how important is it to negotiate well. In fact, hard though it may sound, principally, negotiation is one of the most inherent skills in humans and you can learn the tricks of the trade pretty easily. Let me give a gist of what I intend to say.
What exactly are you negotiating for?
Before all, you must have a clear appetite for understanding what it is you are negotiating for. There must not be any vagueness regarding this. Naturally enough, there is something more you want from a particular deal (is it not why you are negotiating in the first place?) and there is a point at which you may be happily willing to settle. The crux is to know that specific ‘point’; the point where a deal actually become a good deal for you.
There is a potential for negotiation in the most non-negotiable deals
Sometimes you will be dissuaded from believing that there is any potential for negotiation in a deal but be optimistic, there is nothing wherein you cannot chip in with your negotiating kit on. Everything, mo matter what is being expressed, is potentially up for negotiations and ALWAYS.
Look for the opponents’ weak pulse
While negotiating on properties, you must prefigure what’s the weak pulse of the guy on the other side. There is some area more than the other ones where you can ‘pick’ the opposite party and make quick inroads. If you can research well and probe what that weak spot is, you can win the battle (and I hope I am not sounding diabolical here).
When conducting property negotiations, portray yourself as the ignorant type. This will lure your opponent into getting complacent and this is where you may find a chink in his armour. If you show yourself too strong, the opposition never lowers its guard. Does it?
Small tricks here and there but can be very purposeful during negotiations!