Negotiating can be a daunting task when first getting into real estate. You may think you’re not a very good negotiator or you don’t have the skill for it, but by following just four simple steps, you too can become a master negotiator.
The four keys to negotiating are remembered by the acronym, RPOW:
R – Create RAPPORT. Get the other person to feel comfortable with making this deal with you. Finding something in common with someone is the easiest way to build rapport with them.
P – PERSON who names their terms first usually loses. We like to ask the question “If I pay cash and close quickly, what’s the least you’d be willing to take?” This question will get them to name their number first, and even if that is too much for you, you still might be able to negotiate down from that.
O – OPERATE with integrity. People can tell when you’re not sincere, and no one likes making deals with people they don’t trust.
W – WIN-WIN, make sure everyone wins in the deal. You want to make deals where everyone walks away happy.
These keys can work for any negotiation, whether it be sellers, buyers, investors, or anyone you may come across in your business. By remembering these keys when negotiating, you will be able to develop your skill as a master negotiator in no time.
Watch the video here: https://www.youtube.com/watch?v=v7tfqjDXcuI