- Set your parameters in stone with a thorough understanding of pro’s and con’s of the transaction. Everything that can be quantified in dollars – do it – so you are clear of the true costs of the transaction as it impacts what you should pay for the property.
- ASK for everything you want. If forced to concede on something than get something else in return, no matter how small.
- Use appraisals and information to build a reasoned “value” for the property – the price is just what the vendor WANTS, it does not mean it’s what the property is worth.
- Know how much time you need to negotiate and use it. The deal does not go anywhere without you. Time is a great ally in a real estate deal. Let it work for you. Walking away and coming back is just fine. There is always another property.
- Have clear in your mind absolute DEAL BREAKERS and stick to them.
- Find out everything you can about the seller, their motivations and current position.
- Negotiate fairly with reasoned terms to maintain credibility with parties.
- Evaluate counter offers and listen for details to determine next steps.
- Try to meet with the seller often in the negotiations to establish commitment to both your best interests.
- A lot of the above requires you to get and evaluate many facts and details, organize a purchase plan that is financially based (not emotional), and then stick to your guns. That is hard and actually the worst feeling in the world will be walking away from a failed negotiation. But, trust me there is no better feeling than getting a deal on your terms and profiting from it in the future. Wait for that deal. There is always another property and another seller to deal with.
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- ▼ May (8)