WHAT IS NEGOTIATION, ITS PROCESS, AND WHY MOST PEOPLE FAIL AT IT

REAL ESTATE INVESTING 101

There is no doubt that negotiation is the Real Estate skill that will give you the most money. When you purchase a home, the seller you are buying from will likely expect that you will negotiate over the asking price. Most sellers price their homes somewhat above market value to compensate for negotiations. Negotiating can be intimidating, but being prepared can make the experience less stressful.

REAL ESTATE NEGOTIATION

Learning real estate negotiation can involve value creation and distributive bargaining. In a negotiation, buyers, sellers, and agents must figure out how to make an offer that benefits all parties.

According to?Investopedia, negotiation refers to a strategic discussion that resolves an issue in a way both parties find acceptable. In a negotiation, each party tries to persuade the other to agree with their point of view. Negotiations involve some give and take, which means one party will always come out on top of the negotiation. The other, though, must concede—even if that concession is nominal.

Be sure to maintain your stance during negotiations, consider the other party’s perspective, keep your emotions under control, and know when to back down.

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