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27d (edited) โข Discussion
How to Land on a Number to Get Excited About When Negotiating a Deal
As the Cheshire Cat explained to Alice:
"๐๐ง ๐บ๐ฐ๐ถ ๐ฅ๐ฐ๐ฏ'๐ต ๐ฌ๐ฏ๐ฐ๐ธ ๐ธ๐ฉ๐ฆ๐ณ๐ฆ ๐บ๐ฐ๐ถ ๐ธ๐ข๐ฏ๐ต ๐ต๐ฐ ๐จ๐ฆ๐ต ๐ต๐ฐ, ๐ช๐ต ๐ฅ๐ฐ๐ฆ๐ด๐ฏ'๐ต ๐ฎ๐ข๐ต๐ต๐ฆ๐ณ ๐ธ๐ฉ๐ช๐ค๐ฉ ๐ธ๐ข๐บ ๐บ๐ฐ๐ถ ๐จ๐ฐ."
A fellow member of a real estate investing group I'm in recently posted this question:
"๐๐ฐ ๐บ๐ฐ๐ถ ๐ข๐ฏ๐ค๐ฉ๐ฐ๐ณ ๐ญ๐ฐ๐ธ ๐ข๐ฏ๐ฅ ๐ธ๐ฐ๐ณ๐ฌ ๐บ๐ฐ๐ถ๐ณ ๐ธ๐ข๐บ ๐ถ๐ฑ ๐ต๐ฐ ๐๐๐?โ
My comment was this:
When negotiating with listing agents on price, I like to have three numbers written down, or at least in mind before we begin:
- Top limit, walkaway number, beyond which I'll say thanks, but no thanks.
- Anchor price to mention in advance with rationale for mentioning it.
- Goal - Where would I feel excited to promote the deal to prospective cash buyers?
There's a lot more to it, but that's one thing I find helpful.
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How to Land on a Number to Get Excited About When Negotiating a Deal
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