Dreaming of a Luxury Home? Now's the Time!If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury
6 Rules For Negotiating Your Next Real Estate Deal Like Frank Underwood
6 Rules for Negotiating Your Next Real Estate Deal Like Frank Underwood:Related: 5 Crucial Steps for Successful Real Estate Negotiations
1. Focus on the first 5 minutesAccording to a study by The Journal of Applied Sciences, the first 5 minutes of a negotiation can predict the outcome. In this first 5 minutes, people decide what direction they will take in the negotiation. Get right into why you think working together is a good idea and how their work/ business/ idea is a good one. Yes, people like praise but they love it when they feel someone understands them. A feeling of connection makes your value skyrocket.
2. Appear according to your storyIf you are marketing yourself to distressed homeowners as a professional real estate investor then act the part. Dress the story as I like to call it. Frank Underwood is always looking sharp, as looking sharp gives you an advantage from the get go.
3. State Your ValueHomeowners have the ability to work with numerous investors so you must be explicit in the value you offer to them. It’s your job to make sure that the seller knows what they will actually be getting when working with you. Frank Underwood shows his offer/deal value by painting the picture of the other party’s new reality after they agree on the deal. How they will appear amongst their peers and how it will make them look. He makes sure he focuses on benefits rather than features.
4. State Your PriceYou must come from a position of strength when you convey your offer price to a seller. When quoting your price be cautious of how you deliver it.How NOT to do it:I can offer you $100,000 for your house given the issues. This is because we want to close quickly. How does that sound?So why is this unfavorable? Firstly, “we would have to” sounds like you are doing something that is painful for them when in fact you are giving them a value-laden offer. Ending with “how does that sound?” puts you in a position of weakness. Why would you need to ask for the client’s permission to give them amazing value at an incredible price?How to do it better:Given all the issues we discussed, my offer is $100,000. That should give you enough money to help solve all your issues. I am excited to close on your house. Once a contract is signed we can work together to solve the issues quickly.Come from a position of strength and deliver your offer as a win-win solution for both sides.Related: A New Solution to Getting Your Real Estate Investment Offers Accepted
5. Revel in the SilenceAfter you state your price, DON’T SPEAK FURTHER. Don’t begin a ramble off justifications as this makes you look needy and unsure of yourself. Allow the seller to think and ask questions. This keeps you in a powerful position. If there is a gap of silence, don’t feel the need to fill it with any kind of chatter. Keep calm, and revel in the silence.
6. Create a sense of UrgencyFrank always makes the other party feel like his offer is a once-in-a-life time opportunity and if not acted upon quickly, their moment of glory will be gone. Missed opportunities are painful; Frank knows this and uses it to his advantage when negotiating.If there is no pressure to close the deal, there is no reason for the seller to take action soon. Make sure you are honest with them and let them know, as shown in the example of stating your price, the deal is time-sensitive and it may not be available if they don’t act quickly.Always have a negotiation plan and use these six rules to negotiate and win at the real estate game.Happy Investing!6 Rules for Negotiating your Next Real Estate Deal like Frank Underwood by Ankit Duggal
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
Latest Blog Posts
Tomorrow is the first day of Spring! If you've been holding out for spring to list your home, NOW IS DEFINITELY THE TIME to call me. Last month, in February 2018, for the first time ever the average
Original post By Adriana Velez | Mar 8, 2018MariuszBlach/iStockAre there tax deductions when selling a home? You bet—and they can amount to sizable savings when you file
Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 YearsIf you are considering selling your current home, to either move up to a larger home or into a home in an area that better