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How to Negotiate Well

Hey everyone, today I am going to share three easy tips that will help you negotiate well. Often, negotiating can seem like a daunting task, especially if you have never done it before. With the help from the tips in today’s video, you will be on your way to becoming a great negotiator and getting the best possible deal you can in your next transaction. Watch today’s video for more!

Today’s Video:

“Hey guys, I’m going to give you three tips to negotiate the very best deal on your next transaction in real estate. Tip number 1, and this doesn’t have to be just real estate. This technique is called ‘Mirroring,’ and all you’re going to do is repeat the last thing the person says. So let’s say that you’re talking to somebody about their house and you say, ‘Well, how much do you want for it?’ (They respond) ‘$1,000,000.’ You simply say, ‘$1,000,000?’ Then you pause. You let them talk next. What this is going to do is it’s going to help pull additional information out. They may say, ‘Ah, you know what? We would take $900,000 if A, B, and C would happen.’ You’re going to find out what’s really important to them. That’s what negotiation is all about.

Number 2, and this is one of my favorites, let’s say that you’re in a negotiation and they want something, you want something else. I go to the other agent and I say, ‘Here’s where we’re at, how do we make this work?’ This makes the other person solve the problem, and so you’re going to find out all kinds of information about what’s important to them, where they’re going, and all that kind of stuff. A lot of times, this is what makes the deal happen.

Now tip number 3 is for sellers. If you’re in a market where it’s very competitive, maybe you have multiple offers, and you’re worried about appraisal, one of the best things you can do is have your buyer pay the title policy. Let me explain why. Let’s say that your house is worth $450,000, and you have two offers at $500,000, and you go back to one and you say, ‘Hey look, we’ll take your offer, but I want you to pay the title policy.’ That may be about $3,000, but here’s why that’s important. If that house appraises at $450,000, then instead of negotiating $50,000, you’re only negotiating $47,000. It’s a lot easier to get this at the very beginning when the buyer is trying to win the contract rather than down the road when you run into an appraisal issue and you’re trying to figure out how to solve it. I’ve done this so many times and it works out great.

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