6 Ninja Negotiating Tactics Worth Nailing

December 29, 2014 | By | Reply More

negotiateHey, guys, ya know, my last three blog posts have been about a subset of negotiating: Building rapport. And I still contend it’s one of the most important skills every REI should learn. It will get you so far in business and in life.

If you missed those three posts, check ‘em out here, here and here.

Today, I wanna wrap up this awesome series by jumping off of the building rapport side and giving you 6 super-ninja negotiating tactics – if you use these (and you should), it will totally make a difference because they are very powerful.

Each tactic could be a whole blog post by itself, but I’m gonna give you an overview of each of them.

So, get your ninja black belt on, let’s get to ‘em…

Negotiating strategies

These are the 6 some negotiation strategies to learn and implement:

1. Ask Questions, Questions, and More Questions

Effective communication is really all about asking good questions, listening intently and asking more good questions. By doing this, you can get the same result that you wanted in the first place and make it the prospect’s idea. That’s powerful!

My PowerPoint presentation that I use when presenting is filled with questions to ask every private money prospect. It’s that important.

It’s questions to illicit their investing experience, good and bad, that will make them want to potentially invest with me. Their bad: Maybe they lost money in the stock market… or had a previous bad experience with a different REIer… maybe they’re not getting a god ROI from their savings account – you need to know this stuff.

Once you have those answers, you’ll transition to questions about their goals.

By finding out all the answers to your questions, you put yourself in a position to qualify or disqualify them from your program.

If they qualify based on their answers, then you lay out your opportunity to them.

Remember, ask good questions… and…

2. Shut Up and Listen!

You should be talking about 25% of the time or less in selling situations. When you find yourself rambling about the features and benefits of your program, just “Shut Up, Ask Questions and Listen!”

You can’t learn anything when you’re running your mouth. How will you know if the prospect is a good fit for your program if you haven’t learned about their needs and goals?
Stop talking and listen more.

3. Silence

I don’t use this much when getting private money, but I wanted to throw it in anyway because you can use it in so many other parts of the business.

One of the questions that we ask sellers after they tell us the least they would take for their property is: “Is that the best you can do?”

shutupAnd then we shut up. Sure they may be silent as they consider your question. Sure the silence may last a bit long…

Deal with the awkward silence. Hush your mouth!

It doesn’t matter how long you hear crickets for either. The longer you can sit still and keep your mouth shut, the more money you are going to make as an investor.

4. Close the File Technique

This technique accomplishes two things: It saves time and gets rid of the tire kickers.

Let’s say you’re following up with someone after you’ve spoken with them several times and you think that they’re just being nice to you; they aren’t really interested in your program; and they’re giving you the classic southern “No,” which is:

‘Um, yea, call me next week, or maybe in a few weeks…and maybe then we’ll see…’

If you get that response, just take it – you do not want to be strung along with this guy. So in response, you politely say:

“You know, it doesn’t really sound like you’re a good fit for our program so I’m just going to go ahead and close the file. I do appreciate your time though and wish you the best.”

Right then and there, you separate those who have a genuine interest in what you’re offering from those who don’t.

And usually, if you say that to someone who really is interested, they’ll quickly say, “No, don’t close it… let’s talk more… perhaps about another opportunity, it’s just that, really, right now is not a good time.”

I’ve had great success with this tactic.

5. Write Down Everything

Everything that comes out of your prospect’s mouth is valuable information. Write down exactly what they say and how they say it…

You will not remember it all. Period.

awkwardHave a pen and paper with you. You need to write down all the specifics of your conversation so you have a clear understanding of everything.

When you get around to making the offer to invest, you’ll use their words (from the notes you wrote down) to present your program to them.

This also shows a genuine interest in your prospect, which builds rapport.

6. “If you were to . . .”

This power phrase puts your prospect in an imaginative state.

You can fill in the blank after this phrase for whatever positive benefit you want your prospect to mentally experience.

A private money prospect is only going to invest with you if they can imagine themselves having invested with you and enjoying the benefits.
For example:

“If you were to… invest in our program, when do you think you would do so?”

That statement enables the investor to imagine a timeframe. Mission accomplished.

Get creative with this one because it’s powerful.

Now, ninjas, you’ve got these 6 awesome negotiating tactics – have at it!

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Have you tried any of these negotiating tactics? Got any stories to share? We wanna hear from you in the comments section below.

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Category: Negotiating

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