When trying to get the best deal possible we need to be fully equipped and when it comes to buying property one of your greatest tools is the ability to negotiate. If you are not confident when dealing with your business opposition you are likely to be walked all over and will end up coming second best.
Here are some great negotiating tactics:
1.Better offer: indicate a better offer from another party.
2.Better than that: Just say ‘You’ll have to do better than that…’
3.Biased choice: Offering choices that already include your preferences.
4.Bluff: Tell white lies that may influence their choice.
5.Cards on the table: You could use the honest approach to your advantage, let them know exactly where you stand.
6.Change the negotiator: Allow someone else to take over the negotiations, they may think of things you didn’t.
7.Check the facts: Have as much information as possible, you may find out something useful.
8.Deadlines: They may start feeling pressurised and make a hasty decision that is to your advantage.
9.Dry well: Let them see you are tapped out and have nothing more to offer.
10.Empty pockets: Plead poverty, let them believe you have reached your limit.
11.Flattery: This is the oldest trick in the book, but they may concede a few points if they like you.
12.Highball: Sellers–start high and you can always go down.
13.Hire an expert: Experts are a great asset when negotiating, whether they are builders or professional negotiators.
14.Incremental conversion: Get one person convinced and allow them to help you to convince the rest.
15.Information: Use survey results, financial projections and other information to show them you are more qualified to negotiate.
16.Lowball: Buyers–start low and you can always go up.
These are just some of the tactics available to you. Experienced property investors will know when to use the different approaches, the more inexperienced will learn by watching others and getting advice from professionals like estate agents.
Everytime you negotiate a deal you gain some more experience and confidence. Without the confidence to use these tactics they are all useless. Remember you are the only one who has your best interests at heart and you need to make sure the people you employ to do a job are listening to what you want.
