Most people tend to take the all benefits are mine approach when they do real estate investment negotiations. However, it is submitted that a win win approach would take you further and help you close more deals than if you adopted a one sided benefits negotiating stance.
This article will highlight three reasons why you should adopt a win win negotiating stance in real estate investment negotiations. Firstly, you can get more referrals both in terms of deals when you are known in the industry as a win win real estate investor.
Nobody wants to invest money with an individual or a company which is not fiercely confident and positive when it comes to success. By now aiming for one-sided deals in real estate investment, you are therefore seen by the real estate brokers as a fair and serious real estate investor and when they spot a good deal, guess who they will be telling first.
If you are into commercial real estate investment property, the previous owner may also tell his other property owner friends to consider selling to you if they should ever want to sell. Thus you get more goodwill by adopting a more win win negotiation stance and more referrals.
Secondly, like the famous saying by Zig Ziggler, when you help people get what they want you get what you want. Spend some time in your real investment prospecting for your next property finding out what exactly the seller wants from the sale.
Some real estate owners may want immediate cash, others may want to stay there and rent it back from you. Thus if you meet their needs, they are more likely than not to sell the real estate to you.
You may end up with a better deal than what you had anticipated from the resultant good will from this transaction. Sometimes all a person wants is to be heard and understood, and they will be willing to put their trust in you.
By showing that you care about what they are looking to accomplish, you are proving to them that you deserve their business, and will always put them as a top priority.
Who wouldn’t put trust in that? People are simple-their needs are not very hard to figure out and establish.
Thirdly, adopting a win win negotiating stance helps you learn and understand people better. By adopting a win win strategy you naturally spend more time listening to your tenants and sellers and will learn more about what they need and want and provide it for them.
Imagine learning about what a commercial factory owner would need and being able to present to other factor owners that your building has everything they need at a competitive price. You have therefore in the process developed the competitive advantage over other real estate investors who merely look at driving a hard bargain.
To be fully successful, you need to take the time to learn from the successes of others. Making mistakes in investment can be easily avoided by talking to those who have done what you are doing, and have done it successfully.
Don’t be afraid to ask for advice, just remember to take it subjectively. Just because something worked for one person, does not mean that it will work for you.
Lastly, be honest. If you are labeled as an investor or landlord who is dishonest, you will forever carry that stigma, and people will become very hesitant to do business with you.
It is better to do something the right way, the honest way, they the easier more dishonest way. As people see you are someone they can trust, you will have more and more people flocking to do business with you.
If this day and age, honesty is becoming something which is rare, and treasured. If you want to be in a win win situation, the key is to have integrity.
In conclusion, the win win advantage is something that many successful business men and women have practiced over the years. Spend some time evaluating your business philosophy and you may want to try helping all parties win in the next real estate investment deal that you get involved with.
Jack R. Landry is a resident of Las Vegas and has written hundreds of articles relating to tourism and real estate. He recommends (http://www.Tradewind-lv.com) for your next home in Las Vegas.
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