Episode 2

2 - Win-Win Negotiation Strategies for Real Estate Investors

In this episode of Get Real Wealthy Season 4, Quentin talks about powerful negotiation techniques for real estate investors who are working directly with sellers.

Quentin says that to prepare for negotiations with sellers, it is important to gather as much information as possible about their motivations for selling. When working directly with a seller, you can gather more information as you do not have a realtor acting as a gatekeeper and filtering the information shared with you. Take advantage of this opportunity to ask the seller about their reasons for selling and gather as much information as possible. It is also essential to keep the conversation with the seller conversational and avoid making it feel like an interrogation. This will help establish a good rapport and make the seller more comfortable sharing information with you.

He adds that by focusing on the seller's motivations and understanding why they are selling, you can position the opportunity in a way that creates a win-win situation for both parties. It is important to anticipate and prepare for potential issues or objections during the negotiation process. Coming up with solutions ahead of time makes it easier to deal with objections with a solution or a way to get a solution. For example, suppose a seller wants a quick closing on a property but the buyer needs more time for financing. In that case, the buyer can suggest offering a vendor take-back mortgage or seller financing option to speed up the closing process. This can be a win-win solution as it allows the seller to close more quickly while also providing the buyer with financing.

Quentin further adds that instead of offering just one agreement, you can offer multiple options to the seller, such as one with a higher price and seller financing and one with a lower price without seller financing. This allows the seller to choose between two options rather than deciding between you and another buyer. It is important to keep the options simple and not overly confusing, as a confused mind is more likely to say no. Practice negotiating with different sellers to improve your skills and increase your chances of success.

In conclusion, he says that to improve negotiating skills, it is important to practice negotiation and be willing to walk away from a deal if necessary. To learn more about negotiation tactics, consider reading the book "Finding Properties Toolbox: Buying Real Estate at a Discount" or visiting findingdiscountedproperties.com.

Important Links and Resources

·        The Book Finding Properties Toolbox – Book

·        findingdiscountedproperties.com

·        https://www.instagram.com/qmanrei 

·        quentin@getrealwealthy.com

·        https://EducationREI.ca

·        https://GetRealWealthy.com

·        https://DurhamREI.ca

About the Podcast

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Get Real Wealthy
A Real Estate Investers Journey

About your host

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Quentin DSouza

Quentin D’Souza is a multiple award winning Real Estate Investor, and a trusted authority on real estate investing. He is an Ontario Certified Teacher and holds two university degrees, which includes a Master’s in Education. Quentin has appeared on local and national television and radio, interviewed in national publications, and has been a keynote speaker to large audiences of real estate investors. He owns a real estate portfolio in excess of $80 million dollars of assets under management across Canada and the US and transacted on 80+ properties since 2004. Quentin is the author of several books available on Amazon. He is also mentors real estate investors as the Chief Education Officer of the Education for Canadian Real Estate Investors and Durham Real Estate Investors Club.