Real Estate Matters | Using your BATNA to negotiate – Part 2

Sam Lee

Continuing on from last week’s article on negotiation and the BATNA, we will explore some other simple techniques you can use during negotiating to put the odds in your favor.

1. Ask lots of questions.

2. Use the “limited authority” technique. Try “I’ll have to check with my wife (or partner).” It’s easier for sellers to accept that you can’t do something, rather than the idea that you won’t.

3. Use precedent. “My father bought his house this way.” If the offer is  unusual, sellers will feel more comfortable knowing it has been done that way before.

4. Ask for things you don’t need. This lets the seller win concessions when negotiating. If you can later say, “I guess I don’t need the refrigerator, if I can get my price,” you’re more likely to get your price.

5. Try being reluctant. Say “Well, I don’t know…” This gets the seller looking for ways to motivate you, and lets him feel like he’s won something when you settle the point.

6. Build rapport. People like doing business with people they like, and who knows, you might even make a friend out of the situation.

7. Pass over problems, then return to them later. Agree on every agreeable point first. It will feel like the house is sold, and it will be difficult for a seller to lose the deal over an issue or two that you need to go in your favor.

You can spend a lot of time looking for good deals, or improve your negotiation skills to create good deals on your own. Hope this was helpful, and good luck on your next negotiation!

Sam Lee is a marketing manager and property consultant at JML Property.

JML was established in 1994 and offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.

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