The Basic Foundations Of Negotiating | Real Estate Investing | Negotiation Strategies

In today's videos, we're going to talk about the basic foundations of negotiating. Coming right up. You might already be a natural negotiator, or you might just be an introvert who hates the back and forth of negotiating. Either way, with some experience and motivation, both personalities can do well in this business. Here are some tips and tricks to land your next deal. Welcome back to the channel. I'm Joe Homs. I have over 40 years of experience as a broker, investor, and mentor. Do yourself a favor and subscribe so that you never miss a chance to create the life you've always wanted through real estate. First thing is getting over the fear of rejection, and that's probably one of the most important ones. And I'm talking about, you know, simply starting out cold calling Because people, maybe they feel a little bit more comfortable when they're behind the phone instead of actually door knocking and on the door. But you still have that fear of rejection. And honestly, the only way to get over that is to constantly make calls. Make another call. Listen to the conversation. Listen to the rejection. Listen to see if you're able to turn that rejection into something positive. So that's, that's number one. Number 2 is creating a win-win situation. If you're a great problem solver, money will never be an issue. So you have to find out what the pain points are, why it is that they're doing what they're doing, what is it that they need, and you need to solve those issues for them. Once you solve those issues for them, Then you can put together a deal. Number 3 is listening. Listening is very important. You should listen way more than you speak, because once you listen to their story and their issues and their problems, then you can step in at the end and start to address those so that you can put together a deal. Number 4, you hear that word no. That doesn't mean that's the end of the conversation. It's just the beginning. You need to find out again what is going on with the situation. Why are they telling you no right away? There could be a valid reason that they're telling you no, but never stop asking questions after that first no. Continue to ask questions. Why is it that you're saying no? Is a perfect response to no. And find out a little bit more about their situation And maybe they're interested. If they say no several times, I always start going off into another question. Well, if you're not able to sell this or you don't want to sell this, do you have something else that you want to sell? Do you know a family member or friend that would like to sell something? So don't let no discourage you, and then you end up hanging up the phone because you received that first no. Number 5, building rapport. So you're going to listen to their story and then you're going to find a way to relate to that story. You know, I was in this situation 10 years ago and this is kind of how I worked through it. So try to build that rapport with them. But always make sure that you have whatever situation they're involved in, have some sort of solution at the end of the day that you can that you can suggest to them. So building rapport is very important. Negotiation is a fine art honed by real-world experience. Get in front of people or on the phone and get used to all those nos. This will eventually lead to more consistent yeses as you get better. Becoming an expert negotiator will benefit you for the rest of your life. Build rapport, gain trust, and go solve problems. If you want to know how exactly to qualify sellers, once they're on the phone, click on this video right here. As always, if you have any questions, feel free to reach out. I'm always here to help.