Figuring Out the Seller’s Needs to Close the Deal (And Five More Tips to a Successful Property Negotiation)
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Are you confident in your ability to negotiate? With these tips, you’ll gain the knowledge you need to close more deals.
“We're spending more time with our young family. It was the prime motivation for studying property investment and development.”
This is what Ben and Carmen told us about the results of their property journey.
A lot of people who enter this industry have the same goal, yet not all of them achieve it. But let’s go back to the beginning to see how this wonderful couple made it happen.
When Ben and Carmen first started investing, they had very little knowledge. This also meant that they didn’t have much confidence in what they were doing. The couple would second-guess every decision they made, to the point where it took them eight months to get their first development site.
And once they had it… they didn’t know what to do with it!
Lost in the ocean of investment, they came across The Kaizen Way. Through working with us, they learned about the importance of goal setting and how persistence is the key to success. They also gained the knowledge they needed to make deals with confidence.
That knowledge led to Ben and Carmen making a staggering $300,000 in profit on their first development!
Then, they acquired a second site with projections to hit $500,000 in profit. And that’s on top of two others in the pipeline that have similar projections.
Simply put…
They learned how to make great deals.
If you’re a new investor, you already understand exactly what it feels like to lack confidence in your knowledge of property investing. And without an agent, it can feel almost impossible to get good creative deals.
Let’s solve that problem!
In this article, we’ll look at what you need to know about negotiations if you want to make amazing deals.
The Six Tips to Ensure Successful Negotiations
Tip #1 – Learn Who They Are
Here’s something I want you to remember…
Negotiation is all about them.
It’s not about you.
Of course, it’s important to get what you want out of a deal. However, it’s always the other person’s needs that come first when you negotiate.
Why?
Your goal is to create a win-win situation for both parties. If you ask yourself what the other person wants, you’re in a better position to get a win for yourself.
So, find out as much about them as possible.
Keep asking questions about who they are and what brought them to the negotiating table in the first place.
With that knowledge, you’re in a position to offer them what they want in exchange for what you want.
Tip #2 – Focus on Them
Building from the previous point, your next step is to focus on them.
When you sit down to negotiate, start the conversation by talking about what they want out of the deal. Keep asking questions, show that you understand who they are, and keep working to get them to open up as much as they can.
Eventually, you’re going to learn something that allows you to make the situation a win-win.
Make it stand out
Whatever it is, the way you tell your story online can make all the difference.
Tip #3 – Learn the Facts and Figures
You don’t have to go into a negotiation to try and do a deal on the spot.
Go into your first negotiation to learn as much as you can about the other person. And once you’ve got the information you need, go back and examine the facts and figures surrounding the deal. Look at how much money similar properties have sold for and get some numbers in your head that you can use to show you understand the market.
The next time you talk, you can get down to the business of getting what you want while still focusing on the other party’s needs.
Tip #4 – Identify the Needs and Drivers
One of my mentors, Tony Robbins, taught something important to me a long time ago:
There are six human needs we all have in common. Some may be more important than others, but we all have them. And these are:
Certainty
Variety
Love and Connection
Significance
Growth
Contribution
Now, which of these needs means the most to the person you’re negotiating with? What are they trying to fulfil in their own lives by making this deal with you?
Get beyond the surface-level conversation and dig into what the other person’s needs are. From there, you can work on creating a deal that aligns with those needs.
Tip #5 – Solution and Proposal
Once you’ve mapped out their needs and drivers, switch your focus to proposing a solution to solve the situation.
This is where knowing their needs and your facts and figures becomes important.
You need to know those to ensure whatever you propose is still a win for you. If it isn’t, you just end up being a Good Samaritan who loses money.
But ultimately, negotiation is an exchange of value.
The person on the other side of the table has a problem and they’re looking to you to provide a solution. If you can bring value to support what they want and need, you get a return on that value.
In other words…
You get paid!
Tip #6 – Follow Up
Know that you may not get a “yes” from day one.
So, do you drop the deal if that happens?
No!
Some people just need time to come to a decision. If you drop the deal when you don’t get an immediate “yes”, you might miss out on a fantastic opportunity down the line.
You can avoid such a scenario by asking for permission to follow up.
If you get a “no”, ask if they’ll give you permission to catch up with them every six months. You see, those catch-ups allow you to find out if their position has changed. As importantly, they keep you at the front of the other person’s mind.
Let’s say they choose to sell 18 months down the line. Who are they going to sell to?
Somebody they’ve never met before?
Or the person who’s already putting in the effort to keep in touch?
Odds are it’ll be the latter, so follow up to put yourself in that position.
Always remember this: “The Fortune is in the Follow-up”.
It’s All About Confidence
Ben and Carmen’s investing journey was not smooth-sailing, despite the results that make it seem otherwise.
For them, confidence was the key to their success.
And how did they build confidence?
They gained knowledge!
With this article, I’ve offered you some crucial knowledge about negotiating deals. Remember, learn as much as you can about the other party and focus on getting a win for both of you. Take your time, learn the facts and figures, and identify the other person’s needs and drivers.
And if you get a “no” today…
Don’t give up!
Get permission to follow up because a “no” today could become a “yes” tomorrow.
Hopefully, these tips will give you the knowledge you need to approach negotiations with confidence. And that means you’re more likely to make great deals that benefit the other party and make a great profit for you!
P.S. Whenever you're ready... here are 4 ways I can help you to grow your wealth, increase your income and improve your lifestyle:
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