Nora raised her hand. “I’m just beginning to realize that flexibility, terms and price are very important.”
“It’s all part of learning where to tap. For the time being, concentrate on finding motivated sellers. I’ll walk you through the negotiation process until you are comfortable with it. It’s quite like playing tennis,” I said, turning to Steve, who I knew was a tennis buff. “You can’t expect to play well the first time you pick up a racket. With practice, you develop a sense of timing, anticipation. Your opponent rushes the net, and you learn to decide in a split second whether to pass him, lob it over him or hit it straight at him. The same holds true with the techniques of negotiating. The seller asks point-blank for an offer. You decide in a split second to change the subject—to lob it over him till later when the pressure’s off. The seller asks you how much down payment you have. You pass the ball right by him. You say, ‘How much do you need?’
“Sometimes you shoot straight. ‘Mr. Seller, let’s not play games. I’m an investor. I like to buy properties at bargain prices with small down payments. I can pay cash if the deal is right. If you can win this way, I’ll make you an offer. If not, here’s my card.” An honest, straightforward approach works wonders with the right seller.
“In any case, always be cordial. You never can tell when a fish might be attracted to your bait. Don’t scare them away.”
Mary raised her hand. “Speaking of bait, how often should I run an ad in the paper? We didn’t get an overwhelming response out of the ad we ran a few days ago.”
Taken From:The ROAD TO WEALTH