Las Vegas Real Estate Information Series
Good negotiation skills can make the difference between a successful deal and an unsuccessful deal. It can be the difference between getting a bargain and being ripped off. Here are some negotiation tips for getting the best deal on a property in Las Vegas.
Tip #1 – Position Yourself as the Chooser
It’s been said that whoever cares about the result less in a negotiation is likely to come out on top.
If you’re making an offer, the more it seems like you could take it or leave it, the more likely the seller is to acquiesce to your terms. The reverse is true as well.
Tip #2 – Have Reasons to Back Up Your Offer
If you make a low offer on a property, back it up with reasons.
Let’s take an example of a property that’s worth $100,000 and you wanted to offer $80,000. Which example is more compelling?
Ex #1 – “I’ll offer $80,000 for the property because the plumbing is 20 years old and will need repairs soon, the vacancy rate is high compared to nearby buildings and because the building is in violation of a couple building codes.”
Ex #2 – “My offer is $80,000.”
Giving the seller reasons for your number legitimizes your offer.
Tip #3 – Offer an Exact Number
If you pick a number like $177,551 the seller is much less likely to want to argue that if you picked $180,000.
If you pick an exact figure for your offer, the subconscious psychology is that there’s a reason you picked that figure.
Tip #4 – Flattery Gets You Everywhere
The reality is that people enjoy dealing with people that make them feel good. In the end, they’re more likely to give you a better deal if the negotiation experience is a positive one than a negative one.
Remember that you’re on the same side. The seller wants to sell and you want to buy. Work together to create a win-win deal rather than try to “beat” the seller.
These four tips will get you a long way in getting a great deal for your property.
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