Knowledge is power. This is one of the most important concepts in negotiating.  Your client wants to buy this house, and the price seems good. If you knew that the seller had just received a notice from the mortgage lender beginning the foreclosure process, would that affect your offer? Isn’t that an easy question? Intuitively, you know knowledge is power.

 

Internet Equals Information

 

We are in the Internet age. This means you have a golden opportunity to find out as much about the property and the person as you can before you start negotiating.  To learn about the property look to similar Internet sources and public records. In most states, the tax records will tell you when the property was purchased and for what amount. Use every bit of information you can to help your proposal succeed.

 

Just Chat

 

You need to get the formal disclosures to find out what is revealed about the property. But, there is an even better substitute for the required disclosure: just chat. Start with something personal about the real estate agent or yourself, just to be cordial. Then, once you are telling each other friendly stories, go on to the property and the client.

 

You Need to Know the Real Estate

 

Not only do you have to know about the property, you have to know the real estate market, in detail. Not just the market in general, but the portion of the market that the property is in.

 

You Need to Know the People

 

You have to know the personality type of the people involved. There are dozens of psychological treatises that have divided people up into different personality types. You need to know the ability of the other agent involved in the sale. An agent working on a first sale needs to be treated differently than a twenty year veteran.

 

For a more detailed discussion on this topic, please go to http://createagreatdeal.com/featured/become-powerful/.