subject: Ability To Negotiate Effectively [print this page] Having the ability to negotiate effectively is extremely vital to your overall success as a No Regrets Only Results Real Estate Investor, and is probably one of my personal skill sets that has made me super successful and has set me apart from any other real estate investor our there. Not only that, but its actually really fun to negotiate, but why is it so important? Negotiation is involved in everything you do from establishing a professional team, interacting with clients, and getting your deals tied up and completed. It is a vital component to this business and is definitely a skill you need to use and polish regularly because none of us are born negotiators, not even me J. Here are my personal 12 commandments to negotiation success. If you study and implement each of my commandments you will have the ability to effectively negotiate with anyone sitting across the table from you, guaranteed.
My Personal 12 Commandments to Negotiation Success:
1. Educate yourself as to what all parties are trying to achieve.
2. Ask good questions.
3. Listen to what the other party has to say.
4. Understand the needs of the other party.
5. Have the courage to ask for what you want.
6. Dont always accept no for an answer.
7. Be prepared to deal with opposition or objections to what you present.
8. Learn to ask the same thing in different ways, multiple times.
9. Be able to confidently justify your requests.
10. Dont make decisions based on desperation, impatience, or emotion.
11. Be prepared to give if you receive, and vice versa.
12. Have the wisdom to know when to walk away.
Focusing on these key areas does not have to be a monumental task. Just be committed to the fundamentals outlined above and remember that most anything is negotiable. Never just take things for granted and presume you have no opportunity to negotiate because few things are truly like that, either in life or in business. A mentor of mine said it best, what comes out of your mouth goes into your bank account. The worst thing that people can say to a request you make is no, and if that happens simply ask for something else, or ask it in a different way. Ultimate Real Estate Investors never get what they dont ask for.
Your commitment to being a good negotiator will be apparent to your clients and to your peers. Your goal is not necessarily to be seen as shrewd, but rather as someone who is always open to discussion and willing to find the ideal outcome that benefits everyone involved.
