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How to negotiate...terms or price?

Discussion in 'General Entrepreneur Discussion' started by yveskleinsky, Sep 16, 2007.

  1. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    How do you guys negotiate? Do you focus on terms or price or both? If you do negotiate on both, how do you do it without upsetting the seller?
     
  2. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    George Ross (Trump's atty on The Apprentice) has written two excellent books on this:

    [ame="http://www.amazon.com/Trump-Style-Negotiation-Powerful-Strategies-Mastering/dp/0470045868/ref=pd_bbs_sr_1/102-9728392-5144162?ie=UTF8&s=books&qid=1189968245&sr=1-1"]Amazon.com: Trump-Style Negotiation: Powerful Strategies and Tactics for Mastering Every Deal: Books: George H. Ross[/ame]


    [ame="http://www.amazon.com/Trump-Strategies-Real-Estate-Billionaire/dp/0471774340/ref=pd_bbs_2/102-9728392-5144162?ie=UTF8&s=books&qid=1189968245&sr=1-2"]Amazon.com: Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor: Books: George H. Ross,Andrew James McLean,Donald J. Trump[/ame]

    I own both, and find that I re-read them all the time when I'm in negotiations, to put muy head in the right place.

    Ross is all about win-wins. But he shows you that you don't have to give up the store to do it.

    Great reads. The "Strategies for Real Estate: Billionaire Lessons for the Small Investor" was the first book I read. It's a bit "Trumpalicious" ;), but you kinda go in expecting that, given Trump's brand.

    The information is fantastic-- and George seems like a very cool guy. GREAT stories! :)

    -Russ H.
     
  3. Yankees338
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    Yankees338 Bronze Contributor

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    I have an eBook of one of them; don't remember which one. I liked the examples he used, though. They were real Trump examples with big-time deals for big-time NYC buildings. Very interesting stuff. I only got through 40 pages or so though. I definitely plan on finishing it sometime soon once I dig up the file.
     
  4. randallg99
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    randallg99 Bronze Contributor

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    seasoned investors and/or business people do not get upset with business dealings, offers or problems.

    One thing I always try to remember is that adhering to the win-win philosophy makes it much easier to get deals done.

    I also like to meet with the owners face to face to allow more free thinking and talking... eliminate the static and get right to business.

    Focus on what the other party needs or wants. Really get it out of them... if time is the issue, then focus on closing fast, getting all of the engineering, title, atty paperwork done fast... If price, then focus on that aspect using different tactics ie holding paper, creative financing, lease option, etc...

    I recently negotiated a medical building with the owner who let it be known he was sick of managing the property. I made him a two-choiced offer- the first, I would manage the property and create a lease option and pay him the asking price. The second choice allowed me to buy the entire property at a 25% discount (which was a lot closer to market value than his asking price anyway)...

    In my opinion, both of these offers were fair and solved his problem. One option was paying fair market value and getting it off his hands and the other option freed him from managing the property, still received income, and had a nice tax advantage with the paper holdback and lease option.

    We never came to a conclusion and the property is still available
     
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  5. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    excellent way to put a deal together.
     
  6. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I think we will get dozens of answers just like that one. Problem is, the only way to learn it and to get better at it is by doing it. Practice is the only way to improve. I still remember my first attempt to negotiate... man I suck. I think I now understand when people recommend others to take a job in sales, to start learning as soon as possible. And yes, you will upset many sellers, or you will upset yourself. I guarantee it!
     
  7. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I have upset a few sellers. I personally do not let it bother me, them being upset is their problem. I have been thanked many times by professional people for not getting upset when things weren't going my way. To me it's all about business. Plus, for me, dealing with real estate transactions is nothing compared to teaching 125 10-11 year olds every day. :)I go into a deal knowing what I have to have out of it and what I really would like out of it. If I can't get somewhere in that range, it's no deal. I have not tried the face to face approach yet though.:cheers:

    Greg
     

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