Renegotiations are dreaded in real estate, but they’re inevitable. You’re going to come across these situations because most of the time, none of the properties are ever what the sellers say!
You have to get used to hearing one thing from the seller and seeing something else after inspections because it’s normal for sellers to exaggerate on the condition of their properties. You just have to learn to communicate better so you can be in a position where the sellers would gladly give you a discount for what you’re dealing with!
Watch this video to learn the ways we renegotiate in our business, why these ways work, and how you can use them in your own deals!
Key Talking Points of the Episode
[00:00] Introduction
[01:29] Trusting the sellers
[02:21] Needing to renegotiate
[02:51] Taking down notes when talking to the seller
[04:00] Asking the seller what to do
[04:52] Share the pictures from the inspection
[06:26] How to show the inspection photos to the sellers
[07:17] Bringing awareness to the sellers
[09:04] Price anchoring low
[10:51] Getting better at renegotiations
Quotables
“Renegotiating deals - I think this is the thing that everybody in this business hates and really fears.”
“You cannot really believe the seller and that’s just the nature of the business.”
“None of the properties are ever what the seller really says.”
“Ask them what we should do with it instead of me attacking them and bringing the price down.”
“The person with the strongest notes is always the one that wins.”
“The pictures are so powerful, the pictures tell you so much.”
“Get them in a position where you can share the pictures with them and not just send them the pictures.”
“When you walk them through these pictures, it tells them a story.”
“People become numb to their own environments.”
“Your job is to bring that awareness out again. When you tell them the stories and show them the photos, it really makes a huge impact.”
“Renegotiations is something you’re gonna have to deal with all the time.”
“What you wanna do is become good at this and improve your overall communication with them, present evidence on things, and show them that you’re coming from their side of the table.”