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be dealing only with the other parties agent and they have their clients interest at heart.
In this type of negotiation your homework is very important. Know the property, know the market, and know values so you are able to negotiate the deal that is best for you, or be able to walk away. Blind negotiations can be handled, but they are a bit more time consuming.
Open negotiations are a bit easier, but require you do be good at your homework. In an open negotiation you may be working with the for sale by owner. In this way you have access to a bit more information.
If during your negotiations you begin having problems on a particular point, such as price, do your homework. Find out why the other party is buying or selling. Knowing the other parties motivation can give you the upper hand. For instance, if you know the seller or buyer needs to move quickly, you will then have a bit more leverage to work with.
What homework will help you in your negotiations?
a. Why does the other person want to buy or sell?
b. Who is the other person trying to impress?
c. Know the timing aspect of the transaction.
d. Verify the facts.
3. In the art of negotiating, it is critical to get started on the right foot. Do not try to antagonize the other parties to the transaction. Be very neutral about the entire deal.
a. Don't praise or criticize the property.
b. Don't try too hard to buy or sell the property.
c. Don't criticize the other parties to the transaction, including any agents involved.
d. Explain motivation without disclosing too much information.
e. Meet all deadlines or better yet be ahead of the deadlines.
f. Do not lie, rather say nothing.
4. Communication is the key to negotiation. However, too much talking can kill your negotiations. Make your offers in a written contract and let the other party do the same. Remember "lose lips sink ships."
When you begin talking to the other party you will give away too much of your motivation. You may think you can better obtain information from the other party about their motivation, but keep in mind it works both ways.
Now that you've learned the 4 basic steps to negotiating you are ready to go out and get the property you desire. You must also keep in mind that not all negotiations turn into real estate deals. Don't be afraid to walk away from a deal that is not to your liking. Otherwise you may well find yourself making very bad deals and wasting your negotiation skills. Good luck and good negotiating.
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Cheryl Shank, provides more Real Estate info at www.YourRealEstateReality.com and also has written the Ultimate for Sale By Owner Guide available at www.HomeForSaleByOwnerHelp.com
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