Excellent negotiation skills are one of the most important elements of becoming a seasoned and experienced commercial real estate investor. Savvy negotiators substantial short and long-term success when it comes to commercial property investment deals. Here are some tips on how to better negotiate your next commercial real estate investment.
Facts And Figures
Always do deep research and considerable homework about a particular property before making an offer or beginning negotiations. Becoming thoroughly familiar with all the facts and figures related to a property is absolutely essential. Know as much, if not more, about the property than the owner knows. This will provide excellent fuel when it comes time to negotiate.
Know how to effectively handle negotiations. Brushing up on general people skills will ensure that you can handle the negotiations on your own. Doing the negotiations on your own is a smart alternative as compared to allowing someone else to do the work for you. Good negotiations begin with having a vested interest in the deal and being intimately involved in the negotiation process. This simple rule alone can make all the difference in terms of successful negotiations.
Also note that any negotiator should determine the outcome of the negotiations long before arriving at the negotiation table. Having a game plan in mind and determining specifics with regard to deal discussions and the final outcome that you expect is key to succeeding. Know beforehand what price you plan to pay and what terms are most suitable to your needs. Being very specific and upfront about what you expect is integral to good negotiations.
Friendly And Pleasant
Another excellent strategy is to always be easy to work with through all stages of the negotiations. Try as much as possible to be accommodating, motivating and encouraging when dealing with others involved in the negotiation. Conveying an empathetic and sincere attitude can only serve to help the negotiation process to move along smoothly. Even during heated discussions it is best to remain friendly and pleasant. Avoid being overly aggressive or overly demanding as this could actually work against productive negotiations.
Bridge The Gap
Finally, keep a keen eye out for any telling clues related to the sellers motivations. Every party involved in negotiations always wants the best deal. Watch, listen and observe closely to understand what your seller’s motivations are as a way to improve your chances of having a successful negotiation. This will help achieve overall success in deals. Consider these simple yet important strategies in order to negotiate a better commercial real estate deal. Contact Wiedmayer & Co. today to learn more about commercial real estate investing in Atlanta Georgia.