By: J Scott
This book is super practical and detailed on the strategies and tactics to use at each stage of the real estate negotiation. It had a ton of real life examples to see their concepts in action. See below for the topics I enjoyed.
Ch 2: Principles of Negotiation
Concessions: The Currency of Negotiation
Leverage: The Power of Circumstance
Successful Negotiation = Solving Problems
Ch 3: The Power of Information
Do your research on the property, market, and seller prior to negotiating.
Ch 4: Psychology of Rapport
Business IS Personal. The business community is smaller than you think. It takes real authentic relationships to have long term success. Act accordingly.
Meet face to face whenever possible. Ask people questions about themselves and leave your ego out of it.
Make an upfront concession and brag about it.
End the transaction by giving some sort of concession to make the other party feel like they won the deal and want to do more deals with you in the future.
Ch 6: Opening Bid Considerations
Define your Target Point and Minimum Acceptable Offer (MAO)
Offer low (Not Too Low), avoid round numbers, and hold back some concessions to give later, if needed.
Ch 7: Your Opening Bid Price
May be different when offering directly to the seller as opposed to the broker. Listed properties will have more competition so your opening offer needs to be more competitive.
Ch 9: Delivering Your Offer
Make offers in writing on state or attorney approved contracts.
Ch 10: Negotiating Tactics
Use experts and documentation. Don’t lie. Don’t interrupt and allow room for silence.
Ch 11: Concessions Strategies
It never hurts to ask!
Implement a penalty for concessions. When they ask for a concession, always ask for one in return.
Take concessions off the table. Have your attorney type up policies you cannot concede and present if necessary.
Ch 12: Defense & Counter Tactics
Use objective evidence and reject subjective info.
Ch 13: Renegotiation Principles
Advice I have gotten repeatedly. Do not retrade whenever possible.