Bargaining Skills

Discussion in 'The Buying & Selling Process' started by BunnyXiao, 16th Oct, 2020.

Join Australia's most dynamic and respected property investment community
  1. BunnyXiao

    BunnyXiao Well-Known Member

    Joined:
    27th Aug, 2020
    Posts:
    435
    Location:
    Estonia
    I want to sharpen up my bargaining skills. I'm sure many of you are amazing at this. So I'm interested in learning your tips and skills and also any great books. I have read a lot of RE books over the years but happy for your favs to be nominated.
    It must be fascinating to be an agent to be inside seeing both sides as to what is happening and how to negotiate.
    I'm sure there are timeless patterns of behaviour and standard tactics roles and routines that are run:p
     
  2. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    10,222
    Location:
    Sydney? Gold Coast?
    Nothing beats experience. I'm sure that there's plenty of opportunity to practice your bargaining skills in China.
     
  3. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,436
    Location:
    Melbourne
    I rather enjoyed the stuff by Wayne Berry - the material is for training sales people, but obviously knowing the techniques and tactics let's you counter them. From that aspect, Neil Jenman's books were ok too - as he goes through many of the tactics of real estate sales.

    The Y-man
     
  4. BunnyXiao

    BunnyXiao Well-Known Member

    Joined:
    27th Aug, 2020
    Posts:
    435
    Location:
    Estonia
    I've read a lot of Jenman as I liked his way back in the day. Brian Tracy too. And some classics. Just looking for more stuff on RE haggling on price specifically
     
  5. KinG3o0o

    KinG3o0o Well-Known Member

    Joined:
    17th Jul, 2017
    Posts:
    1,075
    Location:
    Sydney
    for me bargaining is about leverage or middle ground, depends who and what you are buying selling, game of bluff and if you can really walk away. because the minute you walk away, you won. either by keeping where the money where it belongs (in your bank account) or the item you want.

    i do it all the time, i've missed out cars,property watches, but i never lose
     
    BunnyXiao likes this.
  6. spoon

    spoon Well-Known Member

    Joined:
    17th Nov, 2016
    Posts:
    1,762
    Location:
    Time-dependent
    The Chinese way is simple. Asking price $1M? Buyer: 300k! With 100 reasons even that is overpriced. On second thought, 200k, take it or leave it. Okay, 250k, it’s yours. So, always jack up your listed price and make the buyer feel they have a bargain of a life time. Of course it only costs 100k, and they tell you in tears they are selling at a loss but because you are special, he is willing to make this deal. :D
     
  7. Cousinit

    Cousinit Well-Known Member

    Joined:
    6th Aug, 2017
    Posts:
    1,022
    Location:
    Victoria
    Never split he difference by Chris Voss is a very good book IMO. I have read quite a few and it's usefulness is right up there.
     
    BunnyXiao likes this.
  8. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    10,222
    Location:
    Sydney? Gold Coast?
    You know, that works here too.

    Many years ago we viewed a house. It wasn't advertised very well and we judged that they were desperate to sell, as they hadn't had many people through it, and it was a little strange. There was work to be done too, that was very obvious. I walked through the house saying loudly, this needs fixing, that'll cost X, "Oh, yuck, look at this", there's another $x. And so on.

    Agent said please put in an offer. I said no, there's too much to do & you really won't like my price. He told me to do it anyway, so I did. I told him my price was not negotiable, as this was all it was worth to me, knowing full well that it was worth many thousands more, and fully expecting to be knocked back.

    I was knocked back, and I wasn't at all upset & didn't counter offer, after all, it wasn't a house that I particularly wanted. Fast forward about two months & the agent called back to let me know that I could have the house at my price. Unfortunately we'd spent our money by then & couldn't purchase.:(
     
    spoon likes this.
  9. BunnyXiao

    BunnyXiao Well-Known Member

    Joined:
    27th Aug, 2020
    Posts:
    435
    Location:
    Estonia
    To clarify I am looking for RE negotiating books with timeless transferable skills. This has zero to do with China or thing about China etc. I constantly change countries (before, Chile, before Turkey, before Vietnam, before Slovenia) Real Estate negotiation as I buy all over the globe bar China so I like to keep universal transferable skills up to date. Where Iive and work at the time I pick up data on the ground for that is easy
     
    Last edited: 18th Oct, 2020
  10. BunnyXiao

    BunnyXiao Well-Known Member

    Joined:
    27th Aug, 2020
    Posts:
    435
    Location:
    Estonia
    yes I do all that too. Gently point out how wonderful the home is but also mention comps in the area, areas of concern pending reports and that whilst I like their home I have others on the go nothing personal and I hope we can reach an understanding. That's all standard but I want to know more tricks than this.
     
  11. BunnyXiao

    BunnyXiao Well-Known Member

    Joined:
    27th Aug, 2020
    Posts:
    435
    Location:
    Estonia
    Awesome and yes I know why 'never split the diff' small increments always. Thanks as I have never heard of this guy. Will check it out