No matter what type of business you are in, the communications between the buyer and the seller are always a high priority. When it comes to investing in the real estate market, there are times when whether or not you close the deal relies on your ability to negotiate. However, many real estate investors, especially those who are new to the market, are not aware of what they need to say or do in order to become a better negotiator.
Many times, when you hear someone mention negotiating, you imagine someone who persuades people with charm and flattery. However, those who are seasoned in the real estate industry know that it takes more than trendy jargon and a nice suit to negotiate the best deals.
It is What is in the Package that Counts
Making sure that you are presentable is not an all bad thing, but you must be more than just a pretty package if you are going to succeed as an investor in the real estate market. One of the first steps that you need to take toward becoming a better negotiator is to learn how to listen. Many investors who are new to the market to not understand that a homeowner just wants to sell his or her home, they are not interested in listening to how good of an investor you are in the real estate market.
Learn how to hold your tongue and take a minute to pay attention to what the client may have to say. In order to be a good negotiator, you have to become a good listener. Make it a point to get the other party to do the majority of the talking. One the client has run out of things to say, and then you can step in and ask a question that relates to the last thing the client said. This will let the client know that not only were you paying attention, but also you are also interested in what he or she has to say. Listening is a negotiation skill that will take you far in business and in life.
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Tags: Investing, investing in real estate market, real estate investors, real estate market
{ 3 comments… read them below or add one }
Hi Sean,
This is excellent advice. I’m going to work on my listening skills because you’re right; anything the client says is far more important than anything I have to say. And, if I’m doing all the talking, I won’t get to hear what’s important to them.
I think I need to learn how to negotiate. I don’t think it’s something I would be good at but I can learn to listen.
Negotiating is a great skill to learn, and it is of great value in the real estate market. Taking the time to listen to someone is always a compliment to the speaker..in this case the seller. This would put them in a more receptive emotion frame…which is good…for the buyer.
Just so you know there are two typos in the last two paragraphs.