In life, there are two things, namely, the first is that everything costs a lot more than you think and the second is that everything is trading. Negotiation is an art and we should learn it at school! Here are tips for landlords on how to negotiate!
How to negotiate
- Do your research on neighborhoods that interest you: comparable, schools, sales in the last months, average prices, average time, etc. The more you know better. You will be able to better identify the potential of the house, the difference between the sale price and the real value.
- Know a minimum on the basic work of a house. Ideally, you should quickly recognize the work to be done and their approximate price. I, entering the house, I knew that the floors were to sand and that the kitchen should be redone.
- Find yourself a good client. A good client is a gold mine for a landlord. She or he will come with the money for rent or buy and you’ll not have problems of oany kind as far as your ‘golden’ client is happy.
- Keep your emotions out of view when you negotiate. It’s okay to love a house, but tell yourself that if you let it appear you give the seller an advantage. Let him put his foot in his mouth. If he indicates that he is attached to the house because of the memories, underline how much you love the soul of the building. If he says he is in a hurry to sell, because he is short of money, offer to quickly get back home (by trading down), in short use what you can learn to your advantage.
- Set the limits. Before entering any negotiation (salary, car prices, insurance), set your goal and set your exit price, otherwise you risk losing the exchange. Do not let your emotions whisper in your ear.
Besides, landlords should organize themselves. Their position is that of owners, therefore, they should start setting the conditions because they are the ones who have something to offer that client are need for.
It is therefore advisable to make a schedule of the week and stick to it, especially on open-house days, when landlords get the visit of customers.
Only in this way landlords can find and maintain a good balance between all their activities. Without such a predefined framework they will very quickly neglect some tasks that are essential, to the benefit of what they believe to be the urgency of the moment.
In short, landlords are businessmen, thus, they should act accordingly, trying to obtain the best price for them but they also have to satisfy the client.
Sometimes, it is much better to offer discounts to the clients which are reliable and look for a long-term collaboration, instead of holding on the price, an action which could to short-term collaborations.
These tips for landlords on how to negotiate are not at all limited to what it is presented here because landlords, as businessmen, must have a very sharp sense of entrepreneurship. To be owner is a big thing nowadays and, therefore, landlords are, many times, envied by clients. However, it only depends on landlords to be pleasant and to show their businessmen spirit by a proper negotiation which would prove their entrepreneurship attitude.
In conclusion, tips on how to negotiate are, hopefully, giving you, the landlord, some idea on how to get the best out of your clients, regardless on how tough would they be.