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56. Listen, listen, listen

Selling isn’t telling, it’s listening and listening well. Not listening is a sign of disrespect. Listening carefully gives you little clues that can give you an insight into the other person that are not obvious to the casual observer. If you have poor listening skills, you will ultimately have poor negotiation skills.

55. Leave your ego and emotions at the door

The better negotiator you are, the less emotion you will show. Using humour is a great way of disarming the other party and hides from them what you are really thinking.

54. Don’t get emotional

Work on the numbers, not emotion.

If the numbers work, and the property makes sense, then what’s stopping you? People get caught up with their emotions, and most of the investors out there take the emotional decision over the logical decision.

When searching for properties, work with the numbers, not emotion. The numbers will lead the way and never lie; emotions will lie and try to help you justify the numbers. Opinions form, and this is where most investors lose money as they look too deep, and picture the property being for them, not for the tenant. People will rent properties, and you need to assess what’s happening in that market. Someone
from a premium waterfront suburb won’t want to live in an old, dilapidated fibro in Western Sydney; however, for Western Sydney you will have locals lining up for such a property to occupy. . It’s a different market from what you may perceive, and you need to assess the property from your customers’ eyes, and your customers in this instance are tenants.

Having information at hand is key to being proactive and gives you more confidence for calling the shots. Be clear on what you are hoping to achieve. Know what to ask for and when to ask

53. Ensure there is adequate infrastructure around 

When buying in a regional area, make sure there’s enough demand for both growth and rental. No point buying in a town of 50 people and speculate where there is no industry or infrastructure. It is important to know there are major retail players around for jobs, and potential for further
growth. If in a capital city, infrastructure is generally sufficient, however, make sure there is a strong demand, or potential for demand, to increase due to infrastructure around this.

52. Build up Great Contacts.
Over time, the contacts build up and I widen my range of people that want to help me achieve a purchase

51. When I’m speaking to an agent, I think about the last time I spoke to him 

I say ‘oh I remember speaking to you about six months ago… With regards to the property, it will work for me at these numbers, I’m happy to buy at this figure’. He might then remember me and think that I’m pretty good to deal with.

50. You have to get someone to understand your goals

People send an email to a real estate agent and they get spammed the next week with messages about open houses. Whenever an agent contacts me, I systemise it, keep the email address and then sit on it. Then later, I email them back and say, ‘Hey, I need something, what have you got for me?’

49. Keep records diligently

Sending email enquiries is one thing, but keeping the replies and remembering contact names is another When I come into contact with real estate agents, I make sure to pay attention to detail.

48. Get to know the local players

One of the great benefits of relentless research is that you become familiar to agents and sellers.

47. Research, research, research

Nothing beats good old fashioned hard work. When you have looked at 1,000 property deals, you will view them through different eyes than someone who has only seen 100 properties.