Property Investment Update | Real Estate Investing Advice & Strategies From Experts You Can Trust
Use our articles from leading experts in real estate investing as your guide - from the tips and traps of negotiation to the psychology of buying and selling real estate plus lots more….
An opportunistic buyer had signed a Contract to buy a commercial property subject to a due diligence.
The due diligence was an exhaustive one in the hope that he would uncover something that he could hang his hat on and use this as a lever to force the Seller to reduce the price of the property. And he was successful as the Seller reduced the price by $100,000. [Read more...]
In the current buyer’s market we all want to buy our investment at the lowest price possible. On the other hand the vendor wants the highest price he can get.
And you now know that the asking price quoted by the selling agent will usually be more than the owner is willing to take for their home. It’s just part of the real estate game – vendors know the asking price will come down as part of the negotiation process.
So how much should you offer when negotiating for your next investment property? [Read more...]
The three important elements of negotiation are information, time and power. To be successful in negotiation you must have these on your side.
It is interesting that in property negotiations, most people feel that the other party has more of each of these than they actually have.
For example, if you possess superior knowledge relating to a property transaction, then this information gives you a competitive edge throughout the negotiations. [Read more...]
I want a better deal – take it or leave it!
Have you ever had someone say this to you?
I often hear people at my workshops say to me, “Everything was going well, we’d been talking for weeks and then suddenly when I thought we were about to put the deal together, they wanted to negotiate a better deal. I didn’t know what to do!”
So what should they do? [Read more...]
In your business there are only two fundamental ways to increase profits. Either increase your sales or decrease your costs, or do both.
Most business people seem understand the need to increase sales, however very few seem to understand the impact they can have on their bottom line, if they took just a little time to develop their negotiating skills.
Skills that could ensure that they buy all goods and services at the lowest price possible, and cut their costs without cutting back on quality or quantity. [Read more...]
One of the skills of being a good negotiator is knowing when not to talk but to listen.
I have found that many inexperienced negotiators are too eager to show off just what they know.This can work against them as they often reveal too much too soon, in particular about what they are willing to give up to get the deal.
Of course this is just as important whether you are a property investor negotiating a multi-million dollar deal, or whether you are an employee negotiating with your boos.
A good negotiator recognizes that they must let go of their ego satisfying position of “know it all” and instead assume the profit making position of innocence. They realize that you can gain a lot from being silent and listening and at time using facial expressions, not your voice, to make a point.
Here are five tips on how perfecting the art of silence can make you a better negotiator: [Read more...]
If good negotiating skills help cut $5,000 off the cost of buying your investment property or your next house, it can save you much more in the long run.
John Edwards of property forecaster Residex says that if you pay just $5000 too much for a property, borrow the monies from the bank and pay them back over the usual 25-year term, you will have paid back the bank an additional $50,000. But what if you pay $20,000 or $30,000 too much? If you think about it this will leave you with that lingering and sinking feeling in your stomach that will put you off playing the property game.
It is therefore no exaggeration to say that negotiating is the most important skill of all for a property investor. I personally like Robert Kiyosaki’s philosophy that “if you can’t negotiate then you will never get rich and you will never get laid”. Think about it – it doesn’t get much worse than this – no money and no sex.
So let me follow on with this theme and see if I can make you a better negotiator. [Read more...]
If you want a sure-fire way to succeed at negotiations – whether it’s with your partner over who takes out the bins or for your next property purchase, then these 7 timeless quotes will help you out: [Read more...]
As I work with sales people and sales managers I see some fatal mistakes being made as they negotiate.
May I share some of these here with you now in the hope that their “learning experiences” will benefit you and remind you of the importance of not falling into these “traps”.
Indeed, you may care to use them as a check list to ensure that you develop and use good negotiating habits every time. [Read more...]
When buying real estate, knowing what you want means at what price and on which terms you wish to buy the property. But more importantly, what is your “bottom line”?
For the purpose of this article I’ve assumed that you have carried out all your research on past growth, future growth potential, vacancy rates, how much money you’re able to borrow, etc., and you now know what you’re after. Write out your goals before you start and make sure you stick to them.
This preparation is essential and without it you undermine your own efforts. However, not only do you need to have done this preparation, you also need to know, before negotiating on a property, more information on the property itself, the sellers’ agent (if there is one) and the sellers themselves. [Read more...]
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