Negotiation techniques. The real estate negotiation tactics detailed below can save up thousands, if not millions of dollars on the largest deals. These powerful negotiating techniques will help you always leave as little money on the table as possible!
Negotiation Tactics 1: Flinch
This is a small sound or expression that subtly communicates your being not too pleased. Though subtle, this expression will usually be picked up strongly by the other side. This tactic works even against the most aggressive negotiator: flinch, and even the most experienced negotiator will be forced to be a little more flexible.
Negotiation Tactics 2: Cite a Deadline
Another very powerful negotiating technique. Even there might not really be a deadline, create one! A deadline moves things along and gets results more quickly. For example, begin a phone conversation or a meet-up session by saying that you need to leave in half an hour. Whenever the other party sidetracks, remind him or her that you need to leave soon. When negotiating a sale, a deadline motivates the other party to make a decision quickly.
Negotiation Tactics 3: Give them the silent treatment
This is an excellent negotiating technique that helps you obtain valuable information. After making an important point, look directly at the other party and smile. The longer the silence persists, the more the other party will feel uncomfortable. Eventually, the other party will be forced to say something just to break the silence; this reaction is usually the most unguarded and offers the most valuable information.
Negotiation Tactics 4: Mention the competition
Always note the other alternatives that you have, and mention them to the other party you are negotiating with. A sense of competition always keeps the other party on his toes and makes sure that you will make you the best possible offers.
Negotiation Tactics 5: Prepare to leave
If there is a stalemate, pack your papers and prepare to walk away from the table. If the other party has any interest in the deal at all, he will be forced to make a compromise or offer some other constructive response in order to make you stay.
While these negotiation techniques are powerful, always remember that a good deal can never make up for a bad property! Do your research carefully before you even enter the real estate negotiating table.