Folks, there are some hard truths about real estate that might ruffle a few feathers. Let’s talk about Mistake number 26 from my 32 Fatal Mistakes – a blunder I see all too often in this business: publishing your deposit or rent amounts. Now, listen up, because this is crucial.
First things first, never – and I mean never – name the price of the down payment or the monthly payment. Be sure to keep these numbers to yourself. The moment you blurt out a figure, that’s the most you’ll ever get, not a penny more. You’ve essentially shot yourself in the foot by setting a limit right from the get-go.
When you’re negotiating, whether it’s for real estate or even cars (yeah, I dabble in that too), the same principle applies. I’ve told my daughter a hundred times when she’s selling cars for me online – never reveal the lowest price you’d accept. Always aim for the highest amount possible. It’s a simple game: if you don’t ask, you don’t get.
And here’s the kicker: people always have more than they initially offer. Always. When they see a property they love, when they start dreaming about turning that house into a home, their pockets suddenly get a bit deeper. That’s the power of emotional investment, and it’s a card you need to play smartly.
So, what should you do? Ask open-ended questions like, “What’s the most you can put down?” or “What’s the highest you can pay each month?” And after they answer, hit them with the golden question: “Is that the best you can do?” It’s a straightforward strategy but incredibly effective.
Remember, when dealing with PATLive or any online inquiries, they’re already going to fill in what they can afford on the form. That’s your starting point, not your endpoint. Don’t just take their first offer and run with it. There’s almost always room to nudge those numbers up.
And here’s another thing: shut up and let them talk. Seriously, the less you say, the better. The moment you start yapping about your numbers, you’ve lost the game. Let them fill in the blanks. It’s astounding what people will offer when you give them the space to do so. I’ve seen it time and time again, and it still surprises me.
I’ll let you in on another secret – this isn’t just about selling; it applies equally to buying. Whether I’m buying a car or a property, I never throw out the first number. Why would I limit myself? I let them tell me their bottom dollar, then I ask, “Is that the best you can do?” Works like a charm, every single time.
To put it bluntly, what comes out of your mouth directly influences what lands in your bank account. If you’re the first to name a number, you’re setting yourself up to get less than you might have been willing to accept. So, my advice? Keep your cards close to your chest, ask the right questions, and let the other party do the talking. This is how you play the game if you want to win in the real estate market.
Remember, in this business, silence isn’t just golden – it’s profitable.
