By Than Merrill
To learn about Real Estate Marketing, look at Marketing For Deals or to attend Than Merrill’s exclusive weekend seminar, check out the Marketing and Wholesale Bootcamp
Negotiating Tip #4: Creating Rapport
Creating Rapport is the single most important factor leading to a mutually satisfying outcome. Solid rapport literally enables both parties to achieve their desired objectives. Rapport occurs when you and your counterpart attain both trust and a positive relationship. Your goal is to move from agreement to agreement rather than from disagreement to agreement.
Successful negotiation begins with finding a common ground, no matter how insignificant. Do this immediately upon entering the seller’s home. It is your responsibility in the negotiating process to develop an understanding of the seller’s point of view. It is crucial in reaching an agreement to understand and support the seller, especially in distressed situations. Building rapport is essential to achieving the contract, and the closing; producing the mutually desirable outcome all great negotiators strive for.
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Negotiating Tip #5: Building Credibility
Building credibility is crucial to any successful negotiation. It is even more important when negotiating real estate deals. People are skeptical, especially when negotiating the sell of their home. One of the biggest challenges you will face as a real estate investor will be overcoming a sellers skepticism. People will question your ability to close and more importantly your willingness to keep your end of the deal. Bottom line is most people don’t understand what we do as investors.
The most frequently asked question is; “How are you able to buy my house for cash?†This is where credibility comes into play. I build my credibility from the moment I make contact with the seller. I do so by being truthful in all aspects of our relationship. I fully disclose everything that I am planning to do with the property. I have found that honesty and full discloser really helps people feel more comfortable. A comfortable seller is a happy seller.
When meeting with sellers I always bring along a “credibility package†highlighting our business and what we do. The “credibility package†includes testimonials, an example of a past deal, and real estate terms and definitions. I like to educate my sellers on my business so that they feel like a part of the process in the services I provide. Making the seller part of the process builds credibility, as well as building rapport, which will lead to a mutually desirable outcome.
Negotiating Tip #6: Putting a Value on What you’re Doing for Free
Negotiating tip #6 is the least utilized negotiating tip in the series. Negotiators often forget their counterparts are unaware of what they would willingly give up for free. When negotiating you must use everything to your advantage and negotiating tip #6 will improve your position. By equate a value to things that we at CT Homes would do for free I am able to not only separate myself from other local investors but also improve our negotiating ability with sellers. For example, we automatically help the seller move by finding them new housing and eventually assisting them with the entire moving process.
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