Increase your profits by negotiating like a pro - with Derek Arden
The Property Nomads Podcast · Rob Smallbone & Aaron Devoy
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Show Notes
In this episode, Rob speaks to the award-winning speaker, negotiating expert and author Derek Arden. They discuss how improving your negotiation skills can drastically increase your profits.
Derek shares several approaches that any business owner can use. Including the dumb is smart, time constraint and using slightly odd numbers to get better deals techniques. He does this primarily using examples that relate to buying, selling, and running properties. Making it easy for landlords and property developers to immediately implement much of what he shares in the podcast.
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KEY TAKEAWAYS
- Everything is negotiable. It depends on how you go about it and how you ask.
- Understanding the psychology of the person you are negotiating with is essential.
- Create win-win deals.
- Regardless of what you are negotiating for, be prepared.
- Making a stupidly low offer rarely works. The other person is highly likely to have a negative emotional response to that.
- Don´t be arrogant.
- It´s five times harder to lie with body language than it is with words. So, train yourself to pick up on body language.
- Getting someone to run something past you a 2nd time is a good way to uncover anything they are not being honest about.
- Time constraints can be used tactically to get a better deal. But make sure you don´t fall foul of them yourself.
- Run deals past someone you trust to provide you with a sounding board.
- Make sure that you look the part e.g. like you can afford to buy the property you are looking at.
- All negotiations involve some conflict, don´t be scared of it, just be prepared to handle it.
- Learn from your mistakes, we all make them.
- If something does not feel right, listen to that gut feeling.
BEST MOMENTS
‘Everybody gets light bulb moments, the real trick in life is to take notice and take action.’
‘Keep your eyes and ears open. Practice real sensory acuity.’
‘80% of the concession to negotiation generally comes in the last 20% of the negotiation time.’
GUEST RESOURCES
https://www.negotiatorspodcast.com/
Win-Win = https://amzn.to/3jtJcRW
Everything is Negotiable by Gavin Kennedy
The Intelligent Investor by Benjamin Graham
VALUABLE RESOURCES
Buy to Let: How to Get Started – By Rob Smallbone (Amazon)
ABOUT THE HOST
Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.
Buckle up, sit tight, and enjoy the ride that is life.
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101 Top Property Tips = https://amzn.to/2NxuAQL
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