Hey everyone! Welcome back to another week at Promedio en Español. Super excited to be here with you all. Today, we’re diving into the art of negotiation. But first, let’s take a quick commercial break.
Recap: Acquiring Your First Deal
Last week, we talked about how to get your first deal. Many of you sent in questions through Facebook and Instagram, and I wanted to address a few of them briefly.
- Contracts for Deals
- Use the TREC 1-4 Family Residential Contract. Google it, and always keep a printed or digital copy in your car or phone. You never know when you’ll need it.
- Types of Lawyers
- For finding deals, consider working with residential, divorce, and immigration lawyers. They can be crucial in your journey.
- Time to Close Your First Deal
- It varies widely. Some close in a month, others in a year. It all depends on your effort and circumstances. Don’t give up—everyone’s timeline is different.
- Translations and Corrections
- I appreciate your corrections and suggestions for translations. It helps improve the show and benefits us all.
- Zip Codes for the Latino Market
- Based on experience, you learn which areas have higher Latino populations. If anyone has better indicators, let me know!
The Art of Negotiation: Where Deals Are Made
Start with Positive Energy
Before you dive into numbers and house conditions, focus on the energy you bring to the conversation. You’ve already put in the hard work to find a deal, so bring positive energy to the seller. A good vibe can make a huge difference.
Imagine two scenarios: someone says, “Hi, I’m Daniela, and I’d like to buy your house as is. Could I make you an offer?” versus “Hi, I’m Daniela. I’d love to discuss buying your house.” Which feels better? The energy you give off in the first 15 seconds can make or break the deal.
Offer Value Beyond Money
Value isn’t just about the money. Explain how you’re a serious investor with a trustworthy title company you’ve worked with for years. Tell them you’re covering closing costs, so they don’t have to worry about spending money out of pocket.
Explain every step: “You sign the contract, we send it to the title company, and you just show up to close the deal.” This builds trust and shows them you’re serious and reliable. Make them feel secure with your professional team.
Provide Options
If your initial offer isn’t accepted, give them options. Say you offered $100K, and they want more. Instead of just saying no, discuss splitting closing costs, or them covering some fees while you offer slightly more. This flexibility can help move the negotiation forward.
Options make sellers feel like they’re in control and not being taken advantage of, especially in the Hispanic community where skepticism can be high.
Stay in Touch
Not every deal closes on the first conversation. Family input, life changes, or financial issues can delay decisions. Always end conversations politely, reinforcing your offer and reliability.
“Save my number and call me anytime you need to sell quickly. I can pay this amount and cover these costs,” you might say. Staying top-of-mind can turn initial rejections into future deals.
Many of my deals have come from people remembering our conversations and reaching out months later when they were ready to sell. Timing is everything, so don’t burn bridges.
Wrap-up
Mastering the art of negotiation is crucial for success in real estate, especially within the Latino community. Start with positive energy to set the right tone, offer value beyond just money, and always provide options to keep the conversation flexible.
Remember to stay in touch even if a deal doesn’t close immediately; persistence and reliability often turn initial rejections into future successes. By building trust and maintaining a professional yet approachable demeanor, you can secure more deals and grow your real estate portfolio. Keep refining your skills, and remember, every conversation is a step towards your next successful deal.
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