4 rules to follow, when negotiating with homeowners

well while I agree with you on some points sully, not on all. I think you should treat the homeowner as a person an not just another deal. Really talk to them if you can and find out what their magic buttons are. Keeping that no-=nonsense demeanor will only make them standoffish and wiry of you. Get to know this person because their time is valuable too and yours is no more important than theirs.

You can do this and still be professional but in the end get a BETTER deal because they will feel that THEY KNOW YOU.

PATIENCE - not everything is cut and dry and when dealing directly with a homeowner and especially one that has been in their home for a long time, there is a lot of emotional attachment there. Walk in their shoes for a moment. Feel what they feel for a second.

We all want the best deal we can make but sometimes we have to shut down all of the "business" BS and get down to the real person in us as well as in them.

Good post sully.

i have been taken advantage of toooo many times, now,i think your kind of taking what i'm saying too harshly, instead, look @ it like having thick skin and taking control of a situation. We are the "experts", here, so we can't assume anything, cause if we do, thats exactly how we get "caught off guard", and have what was @ one time a great deal,is now a deal that were losing money on, all because we TRUSTED the homeowner and didn't check the out the issue ourselves, all i'm trying to say is, protect yourself @ all costs, SULLY.

You're right Sully, protecting yourself is always the main objective. Anita's right too, you must treat the homeowner with respect and kindness, even if you don't believe them, they don't need to know that. That's where your expertise kicks in. I've only gotten the 'extras' in my deals by building repoire with the sellers! Had I not, the outcomes would've been very different. So definitely keep your guard up, but you don't need to show that to the homeowner, they want to know that you're on the same page as them and understand their needs. Many times you can educate them in the process, that's where your professionalism will show.
As always, I thank you DG superstars for more great information!!
Elena

I agree wit you but you dot have to be a hard azz to get the same effect. Just be aware, and take note of EVERYTHING.

but you also have to treat the owners with dignity and respect. What you want to get out of this is a win-win situation. Both parties coming out of the deal happy and satisfy. I agreed with Anita in terms of attachment situation. The home owners may have lived in that home for twenty years and there is so much attachment to it and history behind it.

I also understand your point too Sully, but just because someone has taken advatage of you in the past doesn't mean you have to treat every home owners the same. They also have to look out for their best interest as well, but the fact of the matter is, you still have to be professional and be respectful at the same time. Good luck and don't give up on your dreams.

Lloydsap

I believe that reading all your posts I now have a balanced idea of how to treat the homeowner.
All these ideas are valuable input. Thanks to all.

I'm a firm believer of treating people as I would want them to treat me. Unless they tick me off, then the gloves come off.... LOL!
Elena ;D

ant, that really wasen't my intentions, to come off as a hard azz, but i guess you got the point anyway, it's just when you have been burnt as many times as i have your kind of left with a sour taste in your mouth, maybe i don't realize i may have some of that bitterness in me yet, but when i talk with people they love talking with me(@ least most people) and i am good @ building rapport with people, i mean, it's my job, i deal with the public every day, i think i just may need to ease my thoughts, and really think about what i'm really trying to say, when i relay it, weather it be on the computer, or in person, phone, whatever, it's just something i need to work on.....SULLY.

Sully, we all live and learn. I know you didn't mean to come off like a hard azz, you were just being yourself, but just be careful not to **** people off. I will simply just say this, "Be bold but not overbearing" We appreciate sharing your thoughts and your real feeling with us. Good luck and happy investing.

Lloydsap

I love you sully, you are the point of my poke...lol.. I understood you from the get go, you are not ****ing off anyone I just wanted you to understand that a little controlled compassion can go a long ways and you know that I know how driven you are. You will do this sully and you will do it well. I am behind you 10000000000% buddy. HUUUUUUUUUGGGSSSS....

where you been, dipping in here and there with all of this abundance of support is great!....lets hear about those deals you were working on.

Why dont you start your REI journal on here

Just busy trying to make deals just like all of you. I submitted an offer last week in writing, and described all the major repairs that is required in order for the house to be marketable and in living conditions. I got a phone call from my agent and he said that my offer was turned down. I have to come up with more money, as of today, i'm negotiating with my agent that if they would accept my offer today, tomorrow or the next few days, i could come up with another $5,000 in 90 days. This way, i could take over the property asap and start the rehab immediately. I will pay my contractor another $1,500 bonus if he gets the house done in less than 60 days. That way, i should have the house back on the market and then the bank can have their money then. I have the money now, but i don't want to give it to the bank and plus, i'm trying to be creative as you are.

Another deal fell through. The lady failed to contact me, but when i finally got hold of her, she said that she sold it, suck huh! Anyway, i read your post about investing in Alabama. Would you give me more info on that, thanks.

Lloydsap

holla @ your boy ,lol, just kidding, ant i feel ya honey, you do you, cause i know you will, and i'll do me, cause i know i can, NNNIIICCCEEE, SULLY.

Your the man dawg! Keep up the good work. Heeeeyyyy, you and Anita knock it off, lol. I love it! "You do you and i do me" Your funny!

Lloydsap

you da man, lloyd, SULLY.

Another thought to add to the person to person negotiations is: "He who gives a price first loses". Make it a part of your business to get from the buyer what they will accept and don't be hasty in giving what you will offer.

totally agree, ya know that goes for any type of negotiation, weather it be, buying a car from a dealer, or buying sneakers(yes, i negotiate sneaker prices, my girlfriend gets SO embarrased), BUT people don't realize that just about EVERYTHING is negotiable in life, but to stress nstreets point, whoever speaks first(gives the price first) loses, so true, SULLY.

June 4, 2008

5:00 AM -7:30 AM Woke up and train
7:30 AM -8:00 AM Shower, crab breakfast at sonic on the way to work.
8:00 AM -12:00 at work and check any listing on craigslist and dg site
12:20 PM -12:30 Called my agent for any new leads
1:00 PM -1:45 PM met with the banker to for credit line and loan approval
1:45 PM 2:00 PM get a bite to eat on the way back to the office
2:00 PM 5:00 PM back to work and on dg site when things slow down
5:00 PM -8:00 PM drive to Monroe (35 miles) looking at properties
8:00 PM -10:00 PM back online to dg site and check email for any leads for AFF
10:00 PM -11:00 PM had dinner, showered, looked at ads, and then hit the sack