Today’s Apartment Investor Series focused on Buying Apartments including negotiation tips, here is a summary of
the tips that the seminar participants came up with at the group discussion, great work everyone!
GREAT SEMINAR EVERYONE!
Fantastic participation from all of you made for a great seminar, it is always incredibly beneficial to learn from each other! Here are your “BEST WIN-WIN NEGOTIATION TIPS”
- Be prepared to make concessions; do not say “NO” right away. You may get more of what you want if you have flexibility.
- Understand the seller’s (or other party’s) motivation.
- “Choose your spots” when “going back to the well” if renegotiations are required
to avoid deal fatigue.
- Write a letter explaining the buyer’s position to seller in order to avoid misunderstandings. The letter also makes the transaction “more human.”
- Meet with the sales broker in advance to identify both parties needs with the deal.
- Do not have an emotional investment in the property.
- Have a “positive option close”: offer two choices where either decision gets to the ultimate “yes!”
- Provide third party information and data when asking for anything, provide neutral evidence.
- Listen to the other party!
- Have open dialogue.
- Develop great relationships with the brokers involved (and everyone) for a more successful transaction.
And finally, the BIG WINNER from Steve M.:
Be humble, be willing to NOT be the “Top Dog” in the room! You may get more of what you want if you start with humility.
“You catch more bees with honey than vinegar!”