Mastering The Art Of Negotiation

Position of Leverage in Negotiation:

1:54: Life is negotiation, and the better you are at negotiating, the better you will be at life.

4:25: It's okay to ask for what you want in a respectful way.

6:15: We always need to be willing to walk away. The person most willing to walk away is usually the one who'll get the better end into the deal.

Motive for Negotiating:

8:15: when you make a seller an offer and they hit you with a “Let me think about it”, in their mind, they have their house in your money.

10:48: What is the key to finding out what is motivating a seller in particular?

13:40: For sellers, it’s often more about the freedom or the flexibility in quickly getting out of the house or apartment.

16:20: In Ryan’s typical negotiation, he’ll come up $1,000 or $2,000 for every $10,000 - $20,000 - $30,000, the seller is coming down.

18:35: You don’t want to be negotiating with yourself. If the sellers don’t counter, then we can’t really see where we're at from a negotiating standpoint and that's not going to end well.

Anchoring For Leverage:

21:13: Anchoring is a psychological concept where you can use a numerical or qualitative “anchor” to position yourself at the start of negotiation.

23:26: Every seller underestimates actual rehab costs. Leverage that as another critical anchor point since you know the actual rehab costs.

25:13: Use your phone, pull up the retail costs for a new roof. Your guys can likely do it cheaper, but you can leverage that better cost.

Weakness In Negotiation:

29:55: Confrontation is hard, but you need to push one step further. If they say no, ask “well what could you do?” This keeps dialogue open.

31:48: Don’t get wrapped up in the story where you end up overpaying. It’s happened to all of us.

33:45: The best skill you can have in this part of business is empathy. Being able to put yourself in someone else’s life situation to be able to identify their point of view.

Books Mentioned:

16:14: Never Split the Difference by Chris Voss

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