WLCCI

What Do They Like?

So how do you get them to like you? Appreciate the things they love. What are they? This is the easiest part. People love to talk about the things they love. Ask for a tour of the house or property, even if you have already been over it with a fine tooth comb. Go very slowly and notice everything. You’ll soon see what they love, all around.

“That’s a lovely vase Mrs. Jones, is it an antique?”"I see you collect guns. My dad is an avid hunter. Do you hunt?”

“Is that a tiffany?”

Don’t be phony, but rather be very sincere. Get into their lives and they’ll usually open up.

Take all the time necessary to build a relationship before you move to the nuts and bolts of the deal. Once you are at the negotiating table, take your time and don’t rush it. People get nervous and tense if they are being rushed.

Stay away from an inflexible statement like, “This is all I’m offering.” Rather use flexible words like, “I believe I can offer this. Do you think you can work with me?” Be prepared to have the seller tell you he or she needs all cash, because you’re going to hear it often enough.

At this point asking the seller what the cash will be used for can open up that inner sanctum of real needs that we talked about earlier. If the seller responds by saying they need it to purchase another home, you now have an opportunity to explain some of the creative financing techniques that would allow him or her to buy the home with no cash.

If the seller responds by saying his or her reasons don’t matter, you could then say you would like to give them their cash down payment, but ask if it could be spread out over a period of time, say two or three years.

Whether you are purchasing a million dollar apartment building or a single family home to live in or rent out, your negotiations are going to center around six things:

PriceTerms (interest rate, length or mortgage, etc.)

Down payment

Closing date

Monthly payment

Personal property (appliances to be left etc.)

The more you can learn about the seller’s true needs as they relate to each of these areas, the more successful you’ll be.

Don’t ever argue with the seller. If he is obviously wrong, use the old third party analogy to correct him.
“This house is worth every dime of $50,000.”

“You know, Mr. Jones, that’s what I thought too but the broker at so and so Realty informed me that houses in this area haven’t been bringing quite as much as I thought. I was surprised but he knows more than I do about real estate.”

Do your research before you ever get to this negotiating stage and use third party analogies to relieve tension. The seller won’t feel that you’re trying to argue and antagonize him this way.