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Most people tend to take the all benefits are mine approach when they do real estate investment negotiations. However, it is submitted that a win win approach would take you further and help you close more deals than if you adopted a one sided benefits negotiating stance. This article will highlight three reasons why you should adopt a win win negotiating stance in real estate investment negotiations.
Firstly, you can get more referrals both in terms of deals when you are known in the industry as a win win real estate investor. By now aiming for one sided deals in real estate investment, you are therefore seen by the real estate brokers as a fair and serious real estate investor and when they spot a good deal, guess who they will be telling first. If you are into commercial real estate investment property, the previous owner may also tell his other property owner friends to consider selling to you if they should ever want to sell. Thus you get more goodwill by adopting a more win win negotiation stance and more referrals.
Secondly, like the famous saying by Zig Ziggler when you help people get what they want you get what you want. Spend some time in your real investment prospecting for your next property finding out what exactly the seller wants from the sale. Some real estate owners may want immediate cash, others may want to stay there and rent it back from you. Thus if you meet their needs, they are more likely than not to sell the real estate to you. You may end up with a better deal than what you had anticipated from the resultant good will from this transaction.
Thirdly, adopting a win win negotiating stance helps you learn and understand people better. By adopting a win win strategy you naturally spend more time listening to your tenants and sellers and will learn more about what they need and want and provide it for them. Imagine learning about what a commercial factory owner would need and being able to present to other factor owners that your building has everything they need at a competitive price. You have therefore in the process developed the competitive advantage over other real estate investors who merely look at driving a hard bargain.
In conclusion, the win win advantage is something that many successful businessmen have practiced over the years. Spend some time evaluating your business philosophy and you may want to try helping all parties win in the next real estate investment deal that you get involved in.