Comments on: Principles of Basic Property Negotiation

By: Single-family Property Management Fundamentals: “Hassle-Free” Landlording

Single-family Property Management Fundamentals: “Hassle-Free” Landlording — Wed, 05 Jan 2011 18:13:38 +0000

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By: Jeff Smith

Jeff Smith — Sat, 13 Jun 2009 13:47:56 +0000

So I was able to negotiate that trip to see Star Trek last night with my best girl. It turns out that a very powerful tool that I didn’t mention in the article is ‘The Referral’. While Dawn was poking fun at my dorkiness for wanting to see the movie on the Imax, she was told by many that it was indeed a good movie and she should go with me especially while it was showing on an Imax screen. We can do the same thing in Real Estate by keeping a reference book . . . a collection of letters from past satisfied sellers, buyers, tenants, agents, lenders, partners, contractors, etc.

By: Keith E.

Keith E. — Wed, 10 Jun 2009 20:03:28 +0000

Great article Jeff!

By: jeff.smith

jeff.smith — Tue, 09 Jun 2009 23:31:12 +0000

Thanks Chuck – That is mostly because LR agents are writing on so many REO’s, and the banks who own them are exempt from disclosure requirements. On many of those institutionally owned properties I have already visited the property even before the agent has had a chance to get there, so I can call them off if I have enough information. If I am not permitted access then on those properties the agent will meet me there if I decide to proceed, but I’ve already prequalified it with a cma and a drive by before calling the agent out. On properties owned by individuals the Owner’s Disclosure of Property Condition and and the agents description provides more than enough information for me to comfortably make an offer. Hope this explains the sentence that followed the one you quoted a little better, as one of my goals here is to add value to my relationship with the agents.

jeff.smith

By: Steve Davis, Host

Steve Davis, Host — Tue, 09 Jun 2009 21:51:53 +0000

Jeff is a great mentor and this proves it. Well done Jeff. This is going to help anyone that reads it.

Steve

By: Chuck

Chuck — Tue, 09 Jun 2009 20:20:13 +0000

“For example, every agent I work with knows that they don’t have to drive me, meet me, or go anywhere to show me a property.”

You should note, Jeff, that Lifestyles Realty no longer allows this. Agents are now being required to show the properties to members before writing any deals.

By: Property Investing

Property Investing — Tue, 09 Jun 2009 15:59:15 +0000

Thanks for the great information. If you can negotiate a great price the better it is for you. Any money you get knocked off the asking price is profit in your pocket!

By: Judith Z.

Judith Z. — Tue, 09 Jun 2009 13:31:43 +0000

Jeff, your article is chock-full of valuable information and gives pratical helps as well. Keep ‘em coming!