UNDERSTAND PROPERTY SPECIFICS. Familiarize yourself with the property in question, including its zoning regulations, the potential for development, and any legal considerations. This information provides a deeper understanding of the property’s value and potential. ENGAGE WITH INDUSTRY EXPERTS. Expand your knowledge by attending real estate seminars, workshops, and webinars. Network with professionals in the industry, such as real estate agents, appraisers, and attorneys to gain insights and expertise. Example: Suppose you’re negotiating the purchase of a commercial property that has the potential for redevelopment. Through extensive research, you discover the property is located in an area undergoing significant revitalization and may qualify for tax incentives. Armed with this knowledge, you can negotiate from a position of strength by highlighting the property’s growth potential and its long-term benefits. 10. SEEKING PROFESSIONAL GUIDANCE In complex real estate transactions, seeking professional guidance can be invaluable. Real estate agents, attorneys, and experienced negotiators can provide expert advice, help you navigate challenging situations, and ensure your interests are protected. Collaborating with professionals who specialize in real estate negotiation can enhance your chances of securing a favorable deal. REAL ESTATE AGENTS. Experienced real estate agents have in-depth market knowledge, negotiation skills, and
a comprehensive understanding of the buying or selling process. They can guide you through negotiations, provide valuable insights, and represent your interests effectively. ATTORNEYS. Real estate attorneys can review contracts, provide legal advice, and ensure the transaction complies with applicable laws and regulations. They can help protect your rights and provide guidance on negotiation strategies. APPRAISERS AND INSPECTORS. Appraisers and inspectors can assess the property’s condition and value, providing objective information that strengthens your negotiation position. Example: Let’s say you’re selling a property and are uncertain about the negotiation process. By enlisting the services of an experienced real estate agent, you can benefit from their market expertise, negotiation skills, and knowledge of the selling process. They can help you set realistic objectives, advise on pricing strategies, and effectively negotiate with potential buyers on your behalf, maximizing your chances of a successful transaction. Mastering the art of negotiation in real estate is a skill that can elevate your success in the industry. By understanding the power of prepara- tion, setting clear objectives, actively listening, building relationships, and employing persuasive techniques, you can become a proficient negotiator. Remember to be flexible, patient, and knowledgeable about the market. With practice and experience, you can achieve win-win outcomes, build lasting relationships, and excel in
the art of real estate deal-making. Now that you’re equipped to negotiate the best real estate property deals in town, you’re definitely ready to secure financing to fund your next investment. And that’s where REI News comes in. Our team of real estate financing specialists will work with you to identify your exact requirements and then pair you with the perfect, relevant, and affordable lender. Talk to us today and unlock financing to build your real estate dreams. •
DAMON RIEHL
Damon Riehl is the founder and CEO of Investment Property Loan Exchange. He has more than 35 years of lending experience in a broad array of asset classes, including commercial and residential mortgage, small business, and construction lending. Riehl held top leadership positions as head of commercial lending for Ocwen Mortgage, head of unsecured lending for Citibank, global mortgage leader for GE Capital, and head of construction products at Fannie Mae. He is a member of the Harvard Joint Centers for Housing Studies. Riehl has built six de novo lending platforms and used that knowledge to build and grow Investment Property Loan Exchange and the fintech platform LoanBidz.com. Now that you understand the benefits and considerations you need to take when investing in real estate, you may want to start investing in your first property. One of the first steps is to work out a budget and your financing options. Our team at LoanBidz.com can help you figure out affordable options from the most reliable lenders for your exact needs.
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