Phil started investing in property with just $25,000 and has since accumulated a multi-million dollar property porfolio. Phil is now a highly respected business and property speaker and is the author of more than six books.

What do people need to know about negotiating in order to achieve their desired outcomes?

Negotiations are about people and their needs. At the end of the day, everyone wants to feel as though they have negotiated well and created a deal that they feel good about. The process of give and take that occurs during successful negotiations is the way to leave both sides feeling satisfied and with a sense that the deal was fair. To achieve a desirable outcome, there are 13 things that you need to know.

• Persuade first – before you begin negotiation, try to persuade the other party to agree with your suggestion first. If that does not work, let the negotiations begin!
• Be prepared – if negotiations do not satisfy your outcomes, be prepared to walk away from the table (if you aren’t prepared for this, you will fail to negotiate well).
• Five important factors – negotiations involve information, power/leverage, time, strategies, tactics and people. If you think that the other party has more of these, just remember, they are probably thinking the same thing about you!
• People are not property – real estate negotiations are more about the people involved than the property being discussed. Of course, the property will have to meet your needs as a suitable dwelling or investment, but it is the people involved who will make the deal happen – or not!
• Every man for himself – the people involved in purchasing real estate, from your own real estate agent to the seller, are not 100% on your side; they have their own interests and goals that may not exactly align with yours. For example, a real estate agent might suggest that you sell for a bit less in order to guarantee their commission. My advice is to always follow your instincts and verify everything.
• Four basic steps – there are four basic steps that need to be covered in every negotiation:

• Research the market, the property and the people who you will be negotiating with. Also prepare the strategies that you will use during the negotiations.
• Exchange information with the other party. By knowing what each other’s needs are you can create a win-win outcome. If they don’t know your real needs, they can’t help you achieve what you want and vice versa.
• Make offers and counter-offers in the formal part of the negotiations (this is when tactics and strategies are used and concessions are traded).
• Sign on the dotted line when both you and the other party are satisfied with the outcomes.

For more of this interview and negotiating tips check out “Secrets of Entrepreneurs Under 40 Exposed!”

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Phil started investing in property with just $25,000 and has since accumulated a multi-million dollar property porfolio. Phil is now a highly respected business and property speaker and is the author of more than six books.

How can people build trust and rapport when negotiating?

• An effective way of building trust and rapport is to put yourself in the shoes of the other side, so that you can understand and empathise with their perception of things. This doesn’t mean you have to agree with them by any stretch of the imagination, but if you have an insight into how they are thinking you will be able to create proposals that appeal to them.
• Be yourself so that the people you are negotiating with feel relaxed with you, and make sure they see you as a person, rather than someone trying to take something from them. Meeting people face to face, rather than over the phone or fax, helps build trust and taking them out for coffee shows that you are making an effort to keep in contact with them.
• Building relationships with key people ensures that you will be at the forefront of their minds when opportunities become available. For example, if you build a relationship with a vendor, you may find that when it comes to the crunch they will choose to deal with you over any other buyers. Additionally, it is so much easier to deal with problems in a trusting environment.
• Another great way to build rapport and trust is to make the person you are negotiating with feel comfortable. If they are on your turf, make sure the environment is friendly and that they are physically comfortable (that is, don’t put them in a low, uncomfortable chair with the sun shining directly into their eyes while you tower over them, leaning on the edge of your mahogany desk).
• Wearing appropriate clothingis another way of helping people feel at ease with you – dress up for the bank, be more casual for the purchaser of a lower-cost home. If you are dealing with ‘mum and dad’ vendors don’t roar up in your Ferrari, wearing your power suit and carrying a shiny expensive leather briefcase with your team of lawyers following closely behind. This will simply intimidate them. Also, quick deals will send the wrong message: that you are trying to rush things through because you have something to hide or that you are not remotely concerned about what they want. If you are negotiating on their turf, take notice of family photos, trophies and so on, and comment on them. Admire their garden or their artwork. Compliment them if it comes naturally to you, if not you may sound forced and come across as untrustworthy. None of this is difficult, but the rewards can be significant.
• Being open and honest and sharing information about some of your interests first will also inspire others to trust you. It is very constructive to let them know that you believe they are honest and trustworthy, because if they think you perceive them as such they are more likely to behave in a way that reinforces your opinion.

For more of this interview and how to build trust and rapport when negotiating check out “Secrets of Entrepreneurs Under 40!“

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