Negotiation Strategies for Closing Deals

[LaQuadra Neal]

An area that I want to strengthen before I start speaking with sellers is my negotiation techniques. What strategies do you use to assess if a seller is motivated? What techniques do you use to close deals? What are good resources to use for negotiating? Do you have any articles, books or YouTube recommendations? 

[Michael Lewis Lee]

Hello LaQuandra!  You should negotiate face-to-face with the seller.  Have your acceptable price range in your mind.  Regardless of their starting price, ask for the low end of your range, then shut up until they respond.  explain why your price is so low and tell them that you are an investor and that is what you need to make any money.  Remember that you can negotiate until you go to the closing.  If they say no, offer a little higher price than you gave the time before but can still make a profit.  Again, be quiet after your next offer to give them time to think.  If they say no or make an excuse to hold off to give you an answer and tell you why.  More than being direct to you, it may just be a way to say no.  You might at this time ask what they would take to make them happy or just hope they call back to say yes.  Always be prepared to hear no.  You might start off at .65 reduced by any rehab costs below the original asking price and just go up about 5% each time with your new price as long as you can still profit.  Good luck to you!