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Real Estate Negotiating - 4 Steps To Success
By Cheryl Shank
“Let us never negotiate out of fear. But let us never fear to negotiate.” (American 35th US President (1961-63), 1917-1963) Even the most famous recognize the need for the art of negotiation. To be able to make a good real estate deal, you must develop the art of good negotiation or find someone who can do the negotiating for you.
The real secret of being a successful negotiator is to help both parties obtain their goals. To do this you must present your case in a businesslike way and close the transaction. This can be accomplished in 4 steps.
1. The first step in any negotiation is to know your goal. If you have someone else negotiating on your behalf, make sure they understand what your ultimate goal is. If your goal is to get the property at the lowest price, make sure you understand exactly what is involved to achieve that success.
Don't be afraid to reevaluate your goals. If during the negotiation process new details come to light that may allow you to obtain your goal by a different means, allow yourself the ability to explore the new details, don't get stuck in your negotiations by being to rigid.
Once you are comfortable with your goals, and understand how far you are willing to go to obtain the property, you are ready to move to the next step. However, even when you are comfortable with your goals, you must be flexible. Remember there are two parties involved and the other party may present an option that could get you to your goal faster. In real estate there are several ways to achieve the same desire.
2. There are two types of negotiations: Blind and Open.
In a blind negotiation you don't know anything about the other party. You do all the negotiation via an agent or third party and don't meet the sellers. Keep in mind you may
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be dealing only with the other parties agent and they have their clients interest at heart. In this type of negotiation your homework is very important. Know the property, know the market, and know values so you are able to negotiate the deal that is best for you, or be able to walk away. Blind negotiations can be handled, but they are a bit more time consuming. Open negotiations are a bit easier, but require you do be good at your homework. In an open negotiation you may be working with the for sale by owner. In this way you have access to a bit more information. If during your negotiations you begin having problems on a particular point, such as price, do your homework. Find out why the other party is buying or selling. Knowing the other parties motivation can give you the upper hand. For instance, if you know the seller or buyer needs to move quickly, you will then have a bit more leverage to work with. What homework will help you in your negotiations? a. Why does the other person want to buy or sell? b. Who is the other person trying to impress? c. Know the timing aspect of the transaction. d. Verify the facts. 3. In the art of negotiating, it is critical to get started on the right foot. Do not try to antagonize the other parties to the transaction. Be very neutral about the entire deal. a. Don't praise or criticize the property. b. Don't try too hard to buy or sell the property. c. Don't criticize the other parties to the transaction, including any agents involved. d. Explain motivation without disclosing too much information. e. Meet all deadlines or better yet be ahead of the deadlines. f. Do not lie, rather say nothing. 4. Communication is the key to negotiation. However, too much talking can kill your negotiations. Make your offers in a written contract and let the other party do the same. Remember "lose lips sink ships." When you begin talking to the other party you will give away too much of your motivation. You may think you can better obtain information from the other party about their motivation, but keep in mind it works both ways. Now that you've learned the 4 basic steps to negotiating you are ready to go out and get the property you desire. You must also keep in mind that not all negotiations turn into real estate deals. Don't be afraid to walk away from a deal that is not to your liking. Otherwise you may well find yourself making very bad deals and wasting your negotiation skills. Good luck and good negotiating. Free Article brought to YOU by ArticlesOn.com, where you'll find Articles On Everything! Visit http://articleson.com to get more free content. Cheryl Shank, provides more Real Estate info at www.YourRealEstateReality.com and also has written the Ultimate for Sale By Owner Guide available at www.HomeForSaleByOwnerHelp.com
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8 Real Estate Negotiation Tips
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When buying a real estate investment property you need to be aware that negotiation plays a big part on your bottom line, or the potential profit you could make. Below are 8 great negotiation Read more...
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DBJ on CBS4: What business needs to know about Denver's camping ban
<img src='http://assets.bizjournals.com/denver/news/2010/11/12/CBS4%20Logo*100.jpg?v=1'>Denver's new homeless camping ban has stirred controversy -- and triggered questions among business people about how the ordinance will work.
The new rule, adopted by the Denver City Council May 14, takes effect May 29. It bans homeless people and others from camping overnight on public or private property without permission.
The ordinance comes as the number of unsheltered homeless people has risen sharply, according to a recent point-in-time survey.
Denver Business Journal reporter Dennis Huspeni...<div class="feedflare">
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</div>Denver rated 5th cheapest destination for summer air travelers
<img src='http://assets.bizjournals.com/denver/news/THINKSTOCKDenverDowntownSkylineEveningWeb*100.jpg?v=1'>Denver ranks No. 5 on a list of the nation's 10 most affordable destinations for fliers this summer, based on air fares, according to Cheapflights.com.
The website, which specializes in finding and publishing travel deals online, said the average roundtrip fare to and from Denver is $243.
Chicago ranks No. 1, with average fares of $218.
The ranking comes from an analysis of air fare deals that Cheapflights.com users have found during the past 90 days.
"We have millions of visitors looking for...<div class="feedflare">
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</div>DBJ Weekend Tech Watch: Facebook IPO, SpaceX, Microsoft, IHS
<img src='http://assets.bizjournals.com/denver/news/2010/10/18/DBJTechWatchLogoWeb*100.jpg?v=1'>Welcome to the Denver Business Journal's Tech Watch, our roundup of today's tech news from around the nation, featuring reports on Facebook, SpaceX, Microsoft, Motorola Mobility, IHS, Zynga, Yelp, Boeing, General Dynamics, Northrop Grumman, Boston Scientific and more.
And click here for more DBJ tech coverage.
Facebook shares fall flat on IPO debut
Facebook buys social gift app maker Karma
Zynga, Yelp down as Facebook closes flat
5 warning signs that time to invest in Facebook is over
...<div class="feedflare">
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</div>$635M deal for remaining Colorado Interstate Gas assets
<img src='http://assets.bizjournals.com/houston/news/El%20PasoEP_full_4cp*100.JPG?v=1'>El Paso Pipeline Partners LP will acquire the remaining 14 percent interest in Colorado Springs-based Colorado Interstate Gas Co. LLC and all of Cheyenne Plains Investment Co. LLC from El Paso Corp. for $635 million and the assumption of about $242 million in debt.
Colorado Interstate Gas (Cigco) has about 4,300 miles of natural gas pipeline in Colorado, Wyoming and neighboring states.
The transaction between El Paso Pipeline (NYSE: EPB) and El Paso Corp. (NYSE: EP) is expected to close during...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_denver?a=V80mmqCcQKk:6tMML06fUq4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_denver?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_denver?a=V80mmqCcQKk:6tMML06fUq4:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_denver?i=V80mmqCcQKk:6tMML06fUq4:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_denver?a=V80mmqCcQKk:6tMML06fUq4:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_denver?i=V80mmqCcQKk:6tMML06fUq4:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_denver?a=V80mmqCcQKk:6tMML06fUq4:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_denver?d=qj6IDK7rITs" border="0"></img></a>
</div>Colorado new-car sales jump 29% in April from 2011
<img src='http://assets.bizjournals.com/denver/news/TimJacksonCADAWeb2*100.jpg?v=2'>Colorado?s year-over-year growth in new-car registrations continued to gather speed in April, jumping 29 percent from the same month a year earlier, according to a report Friday from the Colorado Automobile Dealers Association.
That followed March?s year-over-year increase of 26 percent. Year-to-date growth through April has been 21.2 percent over the first four months of 2011, CADA said in its monthly Auto Outlook report.
That pace followed the 2011 full-year registration increase of 15.5...<div class="feedflare">
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</div>Shop Watch: We?ll have to wait a bit longer for Yard House at Park Meadows
<img src='http://assets.bizjournals.com/denver/blog/shop_watch/2010/12/YardHouseBlog*100.jpg?v=1'>The Yard House expansion to Lone Tree, announced last summer, has rescheduled its planned opening to July.
The company announced in August 2011 it would open in May 2012, but that date is now slated as July 1.
To staff the Park Meadow restaurant, Yard House will be hiring 200 new employees. Those interested have until June 9 to apply at the hiring center at 8439 Park Meadows Center Drive in Lone Tree.
?This is an exciting period of growth for us, and we?re very pleased to be opening our third...<div class="feedflare">
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St. Elizabeth joins radiation safety campaign
St. Elizabeth Healthcare has joined a national effort to promote radiation safety in medical imaging.
The campaign, called Image Gently/Image Wisely, is based on revamped American College of Radiology guidelines. It applies to both adult and pediatric patients.
The initiative ?originated from a need to educate our patients, physicians,
and our community to ensure that we take the necessary steps toward reducing unnecessary radiation exposure and still meet our top-quality care patients have...<div class="feedflare">
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</div><img src="http://feeds.feedburner.com/~r/bizj_cincinnati/~4/ojcAO9lL5Yc" height="1" width="1"/>Procter & Gamble alumni still claiming top jobs
They are a helpful bunch, former employees of Procter & Gamble Co.
It?s been about a month since we asked for help in updating our list of P&G alumni who claimed top leadership posts with other companies.
And we?re happy to report that our list has grown by 20 people. It?s now over 200 and hopefully still rising. Among the new names on the list are Brian Driscoll, recently announced as CEO of Diamond Foods Inc., and Tom Moore, CEO of the Princeton, N.J.-based biotech firm, Advaxis. He?s...<div class="feedflare">
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</div><img src="http://feeds.feedburner.com/~r/bizj_cincinnati/~4/aRVuwj2skUk" height="1" width="1"/>Macy's CEO Lundgren: 'The customer is voting with us'
<img src='http://assets.bizjournals.com/cincinnati/blog/Terry_Lundgren_Macys*100.jpg?v=1'>The Macy?s Inc. annual meeting today was a celebration of the retailer?s rebirth.
Chairman and CEO Terry Lundgren noted in prepared remarks that Macy?s began its reorganization in 2008 and 2009 and became ?an all-new company.?
?Fast-forward to today. The customer is voting, and they?re voting with us because our year has been quite good,? he said.
Quite good, indeed. The Cincinnati-based department store chain (NYSE: M) has grown sales by more than $1 billion in each of the last...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_cincinnati?a=ryG89ytUJnQ:HoWFlh3k5Ik:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_cincinnati?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_cincinnati?a=ryG89ytUJnQ:HoWFlh3k5Ik:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_cincinnati?i=ryG89ytUJnQ:HoWFlh3k5Ik:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_cincinnati?a=ryG89ytUJnQ:HoWFlh3k5Ik:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_cincinnati?i=ryG89ytUJnQ:HoWFlh3k5Ik:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_cincinnati?a=ryG89ytUJnQ:HoWFlh3k5Ik:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_cincinnati?d=qj6IDK7rITs" border="0"></img></a>
</div><img src="http://feeds.feedburner.com/~r/bizj_cincinnati/~4/ryG89ytUJnQ" height="1" width="1"/>Social Madness contest starts June 1
A big thanks to the dozens of Cincinnati-based businesses that signed on to participate in our first-ever Social Madness Challenge presented by Capital One Spark Business. The nomination period is officially closed and 70 companies signed on to compete.
American City Business Journals, the parent company of the Business Courier, is in the process of reviewing and approving nominations. The next phase of the competition begins on June 1.
Companies will be judged based on votes on bizjournals.com,...<div class="feedflare">
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the act of intervening for the purpose of bringing about a settlement
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