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Real Estate Negotiation
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Real Estate Business Investing
Many people today are going into the real estate business. Lots of us seem to be willing to take a risk. But keep in mind that if you are thinking of investing in real-estate, you might as well be gambling. There is no guarantee that the land or home you invest in will bring a profit. The rule of thumb is that the greater the potential for earnings, the greater the risk. Fortunately, if you are in... Read real estate article
How To Make Good Money in Real Estate Easily
On the late-night infomercials, there is always a constant parade of real estate gurus telling rather gullible insomniacs about the easy ways to make money in real estate.
If they're presentations weren't so irresistible, one might actually know better than to buy their pitches.
Buying and selling cash flow notes? Nope, that's not one of the easy ways to make money. You have ... Read real estate article
Real Estate Negotiation
The following are some simple real estate negotiation techniques to try the next time you buy a home or investment property.
Using The Power Of Expertise
I was looking at a house once with an agent who knew building codes and construction costs. He had suggestions for converting the basement into livable space. He knew what size windows would make it legal, and how much it would cost. He had other good suggestions. In fact, he was so helpful with his expertise that it was easy to forget that his job was to sell the place to me at the highest price he could get.
That is the power of expertise. To use it when you are buying a house, have expert opinions ready. For example, if you might get the realtor to show the seller the official statistics for "days on the market" for listed homes, so he'll feel motivated to sell. Carry an expert's magazine article on the costs of maintaining old houses when you go to look at that Victorian home. If you know about roofing, point out any flaws to a seller.
Use Time And Other Investments
Money is not the only investment people make. Time, effort, and reputation are some of the other things that are invested in a negotiation. Nobody likes to lose what they invest, and using that fact gives you power - if you use it.
For example, if you are hoping to get a major price reduction, spend an hour or two talking to the seller. Only then should you make your low offer. He's less likely to walk away than if you made the offer five minutes after you got there.
The sellers decide what they want to invest into a negotiation, whether it is time, trouble, money, or whatever. You decide when to reveal your needs, demands or requests. If you can, wait until they have made some investment.
Real Estate Negotiation By Not Caring
Generally, he (or he) who cares least has the most power in a negotiation. I was once selling a piece of land, and the buyer drove a long way to meet with me. One of the first things she said was, "The price seems kind of high. Why are you asking so much?" I honestly answered, "I guess because it's such a beautiful property that I really don't care if I sell it or not." She paid full price.
The appearance of not being too concerned or anxious will help a lot. The most power, however, is in truly not needing to worry about the deal too much. To that end, try to line up other options beforehand. You may even want to mention these options during the negotiations. "You have a beautiful home, but the other three we are looking at are selling for a little less, so I'm not sure..."
Of course, a seller might mention that there are others coming to look at the place the next day. He might act unconcerned about selling, as I did in the example above. All of these real estate negotiation techniques are useful for buying AND selling. As a buyer, keep this in mind, so you know when they are being used by the seller. The lack of concern may be real, or it may just be a ploy.
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Real Estate Short Sales
You know how stress can complicate anything - even when it's not your stress! In some ways, loss-mitigation specialists have to deal with the same problems that homeowners facing foreclosure do - after all, they're just dealing with the other side of the coin! The good news - for you and them - is that your simply being aware of this can make a loss-mitigation specialist your new best friend, and if that specialist happens to work at a bank in an area where you hope to do a lot of business, this can pay off big both immediately and into the future.
Here are some things that you're probably already doing for yourself that will dramatically improve or facilitate your burgeoning relationship with lenders and bankers.
Make things easy. Just like you spelled out what you needed from the homeowner, go ahead and spell out what you know (and what you need) here. There is nothing like a clear, concise and politely worded checklist to make any administrator's life easier. And it will help you keep track of things as well because everyone - you, the loss-mitigation specialist, and the homeowner - will literally be on the same page!
Make sure it's all legal. No one wants to devote a lot of time and energy to a project doomed to fail, so use a standard contract that you know is fool-proof. Get your lawyer to double-check contracts, deeds and other legal documents to make sure you haven't overlooked any vital details that could negate all your hard work - and all the loss-mitigation specialist's hard work - later.
One or two duds and your reputation with that administrator is going to need repair, but if transactions with you are always smooth, then they'll be eager to help you every time you call.
Be the middleman. Frantic homeowners are not fun to deal with, which is one major reason lenders prefer to avoid foreclosures. The whole process is painful, time-consuming and, on a personal level, depressing and stressful. You're making a pretty easy profit here, so do that poor administrator a favor be the go-between when possible.
After all, you're the one who's developed a rapport with the homeowner, so it probably will be easier for you anyway. If you relay information (whenever possible, of course) in a timely, pleasant and straightforward fashion, you'll score big points with everyone.
Say these magic words easily and often: "Thank you, I appreciate your time and ________________." Even if you're not in an appreciating mood, not only will a simple thank you defuse a situation, it can even calm you down. Everyone likes to be thanked and appreciated, no matter how simple the task they may have undertaken. And it's hard not to help someone who's telling you how great you are.
Furthermore, administrators are often overlooked (especially in large corporations, where a team of them may handle day-to-day business), so this simple sentence can make a lasting and positive impression that will stick throughout this negotiation and into future endeavors. Just like the homeowner, the loan officer does not want to feel like this difficult situation is their fault, and remember, you're the answer to this problem.
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Real Estate Negotiation
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