The mistake so many real estate investors make in the negotiating process is to think that the negotiation is all about the money. Sure; money is important. Motivated sellers are definitely looking to put some cash in their pocket.
But there is always “something else” that they are always looking for; something that is even more important to them. That “something else” is a solution to their problem. There is always a problem to solve.
If you are going to learn to negotiate like a pro, you have get really good at finding out what that “something else” is. So how do you do that?
Here are 4 Ways You Can Learn to Negotiate Like a Pro
1) Learn to be a good listener. This is a difficult thing for some real estate investors to do. If you have spent any time on the phone at all talking to sellers, you will know that those conversations can be really challenging at times; even painful. You will come across sellers that have a need to tell you their entire life story.
Now it may be your natural inclination to redirect this conversation so you get back on track with your plan to get all of the property information. However, with this type of person you are going to have to sit there quietly and listen. These motivated sellers need for you to understand “their story”. It is their way of seeing if the two of you can work together. So be prepared to get something to drink, prop your feet up and get ready to “sit a spell”.