EP160 Our Best Negotiating Tips

This week on "The Real Estate Roundtable" provided a mix of updates from the hosts and valuable advice on negotiating tactics in real estate. Key Updates: Aurelian's Recent Project: Aurelien Bonin shared that he recently closed on a 16-unit mobile home park in Canada. He is also involved in growth strategies for the park, including adding more units and working on road development. Additionally, Aurelian continues his real estate coaching work, with two coaching clients and biweekly group meetings for advanced and beginner investors. Discussion on Negotiation Tactics: Approach Negotiation as Problem-Solving: Rather than focusing on "winning" or beating the other party, both Darcy and Glen emphasized viewing negotiations as a collaborative problem-solving process. This creates a win-win scenario for both sides. Listening and Asking Questions: A key negotiation strategy is listening to the other party’s needs, asking clarifying questions, and finding out what they are truly looking for. This discovery phase is essential to customizing offers that benefit both parties. Creative Deal-Making: Glen shared insights on preparing thoroughly before negotiating, especially when dealing with sellers. He suggested doing background research (like reviewing public records) to be ready with creative solutions, such as seller financing or low/no money down strategies. Offering Multiple Options: Aurelien recommended providing two options during negotiations, which can guide the other party toward choosing the option you prefer while giving them a sense of control. Summarize Meetings: Darcy stressed the importance of sending a summary email after negotiations to confirm what was discussed and agreed upon. This formalizes the progress and prevents backtracking. Mirroring and Tactical Empathy: Techniques like mirroring what the other party says and using tactical empathy (understanding their perspective) were highlighted as key negotiation tools, inspired by the book Never Split the Difference. Audience Engagement: Listeners were encouraged to submit questions through the Facebook show page, and the hosts wrapped up by thanking the audience and promoting the next episode. Join Our Facebook Group & Submit Your Questions https://www.facebook.com/groups/roundtablere