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Negotiating is the most difficult part of selling real estate for many people - a good reason to turn to professionals for help. A decent real estate agent should have some experience in negotiation, after all. But what if you want to do it on your own? Then you need to learn a few negotiating techniques. You can start with the following.

Negotiating A Compromise When Selling Real Estate

With real estate negotiation, a compromise is so common that it is treated almost as just a nice custom. People forget that it is also a negotiating technique. Sellers and the buyers expect to compromise on many points, because it is the easy and acceptable way to settle things. How you arrive at a compromise, however, is very important.

"Hey, we're only $8000 apart now," your buyer says, "You want $212,000, and I want $204,000. Maybe we should split the difference and make it $208,000?" This "splitting the difference" is a cultural norm, so even if you don't agree to it, it sounds reasonable and non-offensive. It might also be a decent place to come to an agreement.

The smart negotiator, however, considers how this "difference" is arrived at. Where did the negotiations begin, and how did they proceed? Did you start at $220,000, and the other side $196,000? What about the steps you took? Did you yield a lot each time, or a little bit? What about the buyers steps?

Consider the example above. What if you had only dropped your price to $218,000, instead of $212,000, and managed to get the buyer up to an offer of $206,000. Now you would be $12,000 apart, but "splitting the difference," would mean a price of $212,000. That's $4,000 more for you than in the original scenario. What happens before the compromise is obviously very important.

An extreme initial position can help - if you don't scare the other side away. Investors use extreme offers often. However, they don't actually expect to get a property for 20% less than the asking price. They know that a low offer plants a seed of doubt in the sellers mind as to the value of his property. It helps to lower his expectations, so that in the end, he may be happy with a compromise that gets him 10% less than his asking price - even though would have rejected it out of hand if it was the first offer made.

The problem with this strategy when selling real estate, is that you'll most likely just scare away potential buyers if your price is too high. But you can price a bit high, and then move in smaller increments than the buyer prior to a compromise agreement. Let a buyer come up $2,000 at a time from his first offer, for example, while you drop your price by only $500 with each counter-offer. Then, when a compromise is suggested at some point, it will be at a higher level thanks to your smaller steps.

This technique can scare the other side away if it is obvious. Make it more subtle by negotiating for other points that are of little concern to you - keeping the refrigerator or basketball hoop, for example. Any minor points you win give you something to "throw back in the pot" later.

Suppose a buyer wants the washer and dryer to stay with a house you're selling. You initially say no - even if you have no use for them. Later, when the buyer hesitates over a proposed compromise, you can say, "What if I throw in the washer and dryer too. Then we can sign this right now, okay?"

There are many good negotiating techniques you can use when selling real estate. It's worth your time to learn some of them, and learning the art of the compromise is a good start.

Copyright Steve Gillman. To see a photo of the house we bought for $17,500, and get a free Real Estate Investing Course, visit: http://www.HousesUnderFiftyThousand.com

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