How to become a top negotiator in property investment
When you’ve researched your project thoroughly, made notes on all the pros and cons, and decided on your approach - then you’re in a much stronger position. And it will show as you begin negotiations.
Listen, and you’ll learn more
Negotiation isn’t just about talking. It’s about listening. The trick to successful deal-making is to ask questions and listen to the answers.
Don’t be too quick to try and get your point across. If you’re not paying attention to what the other person is saying, you may fail to pick up on essential details.
Only by gathering information from listening can you make informed decisions. Obstacles occur when we’re too busy making our pitch to hear what the other party is saying. Most disagreements can be resolved if you listen to what the other person is asking for.
As in all business negotiations, there must be a degree of compromise and the same is true of property investment. But compromise can only be reached if you find out what the other side wants.
Be assertive but not aggressive
Although you may be coming at the same situation from a different angle, negotiations between all parties should remain polite. You may take an assertive approach, but this should never veer off into aggression.
The best negotiators have an easy rapport with people. They’re confident without being pushy. If you take too forceful an approach, then you’re likely to meet with instinctive resistance.
Persevere and be patient
Some negotiations can become long and complex affairs. You may begin to lose patience and try to force issues. However, if you skim over certain details, it will generally only cause delays later on in the negotiating process.
Take your time. After all, you don’t want to appear too eager. Even when there are time constraints, try to be patient.
A seasoned negotiator never focuses on their own pressures. They concentrate on the other sides pressure. What concerns are going to make them want to press ahead quickly? You will derive some of your negotiating power if you have this knowledge.
Understand the deal from the other side
Once you know the other party’s motivators, your next task is to show them how you can fulfil their needs.
The best property deals conclude with both parties feeling satisfied. Think about the other parties’ interests as well as your own. Can you give them what they want and achieve your goal?
Would you like to learn more about property investment?
Register for our course: An Introduction to Property Investing
Our Property Investing Masterclass will help you to understand the different property investment strategies that you can use in today’s property market.
Dates: 5th and 6th July 2019
Venue: Renaissance Hotel, Heathrow
Book Now! Limited to just 30 places