Negotiating is a science, a talent, and an art. Understanding how to negotiate is essential in the world of real estate. Before you sit down to negotiate, familiarise yourself with these 5 real estate negotiation tips shared by the expert Rajinder Dhutti himself.
1. Allow the opposing party to speak first.
Never put all of your cards on the table at first. Many negotiators like to stay in the middle. Wait for the right time and let the other side speak first. From there, you can navigate. Once you’ve gotten everything out on the table, give your figure a name. You can set it lower if you know where the possible middle ground is. You are already ahead in this negotiation.
2. Trust should be earned, not taken for granted.
Never, ever, ever. We cannot stress enough on this. You will always be found out if you lie, and you will be held accountable. Doesn’t that sound like fun? It’s not the case.
Trust has a certain amount of clout. Do the correct thing at all times. Demonstrate trustworthiness in your conduct, and your negotiations will take care of themselves. In real estate and beyond, trust and negotiating to go hand in hand.
3. Knowledge is power; understand your objectives.
Knowledge is a powerful tool. Become familiar with successful real estate investors. Make friends with the city planners in the area you’re interested in. Learn about zoning and how to apply it. A salesperson, customer, tenant, or buyer who has knowledge is a great asset. Add value to the opposite side at all times, and watch the magic happen.
4. Do not exaggerate your excitement.
Every trade is crucial; yet, keep your emotions hidden. Don’t overshare in an attempt to improve your image. Listen more than you speak. The most powerful word is silence. The dread of losing a possible contract will scare the person on the other side of the bargaining table in-between moments of quiet. This can be used to influence the outcome of your decision.
5. Be aware of the current situation of the real estate market.
You should be aware of the present market climate if you work as a negotiator. Market rates can be overstated at times. Before you walk to the negotiating table, be sure you have all of the facts. For reliable data, one or two transactions are insufficient.
If you are in the process of buying or selling and need an expert’s assistance, Rajinder Dhutti is here to help you. He has years of experience and has negotiated countless deals to bag the best ones for his clients. Reach out to the team and find out how we can help you bag the best deals for yourself.