Tips on Successful Negotiation of your first investment. Update

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  • The best offers_and thus the best deals_are those that make both parties happy. Remember, the bottom line isn’t what you buy the property for, but how good the property’s cash flow is. 
  • Have a maximum figure (a figure you will not go above) in mind before you begin negotiating.  When you reach that figure you’ll either need to pull out of the deal or get other concessions to make the purchase of this property economically feasible. 
  • Find out what the seller paid for the property. In many cases, an owner will be more inclined to negotiate the price of a property when it affects the profit only.
  • Round up when you make the offer. For example, an offer of #2,000,000 may not seem much higher than #1,999,000, but psychologically it will appear higher and may make the seller look more favourably on your offer.
  • Be patient. Listen to what the seller is saying. You can learn a lot from just talking to the seller. 
  • Be prepared to compromise. Instead of being adversarial, focus on your top priorities and don’t let your emotions get in the way. 
  • Don’t fall in love with the property. You must be ready to walk away from the deal if you cannot come to a favourable understanding with the seller. You’re in this deal to make money.
  • It’s always a good idea to treat the seller with respect and dignity. Yes, respect and dignity! You may be on opposite sides of the table now, but that seller may be the source of additional properties in the future.

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