Makanjuola Ojewumi - 75 Winning Ways. To Negotiate Real Estate

75 Winning Ways

By Makanjuola Ojewumi

Published by

KNIGHTSERVICE BOOKS

The Pent House Suite,

Greenfield Plaza,

11B, Magazine Road, Jericho

P.O.Box 10636, Ibadan

Oyo State, Nigeria

Mobile: +2348033271237

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Copyright Makanjuola Ojewumi, 2011

All Rights reserved.

Printed in Nigeria.

e-Distributed by http://www.1stveritas.com

Smashwords Edition, License Notes

All rights reserved. No part of this publication may be reproduced, adapted, rephrased or Stored in a retrieval system or transmitted in any form or by any means.

Electronic photocopying, recording or otherwise, without the prior written permission of the author.

This publication is designed to provide fairly accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal accounting or other professional service. If legal or other expert assistance is required, the service of a competent professional person should be sought. The author and publisher expressly disclaim any liability that is incurred from the use or application of the contents of this book.

ISBN:

978-978-914-964-3

e-Distributed by http://www.1stveritas.com

e-Distributed by http://www.1stveritas.com

Introduction

Congratulations! Finally, you hold in your hands a most important book that can mould your investment future in real estate.

Negotiation is like the soul of real estate itself. It is perhaps a most vital input in the process of purchasing property. I had wanted to work on this book a long time ago. I had a very elderly client who made a statement one day that struck me vitally as soon as I heard it. He said to me that In life, you dont get what you deserve, you get what you negotiate. It was such an awesome statement to me the instant I heard it. Hearing it from a client I respected made me brood on how important it is in my line of trade to have the skill to negotiate a property. This was long before I became aware that the phrase is quite a common phrase, and all over the world books have been done with this title. There is a book titled In business as in life, you dont get what you deserve, you get what you negotiate. All over the internet, you find many materials that reflect this great thought and so it has been well highlighted. It is not about what you think you deserve to get, it is not about whether you are putting in so much and expect so much to come back to you automatically. It is the skills that you deploy to negotiate your position that distinguishes you.

In real estate, it is not automatic that you would get what you think belongs to you. Also, it is not automatic that you get what you believe you should have. It is about how you argue your position and how you present your front. How you make your offer and how you eventually finalise it, is what determines what you finally end up with. In other words, if you are careful to negotiate transactions properly, you can accrue to yourself a lot of advantage that you might otherwise not have had if you did not know how to negotiate.

In a nutshell, it is negotiation that makes a transaction. The transaction is moulded by the parties who are negotiating and how they come together to negotiate a particular property.

Negotiation is defined simply as a process by which two or more people reach an agreement with a commitment to fulfil. At the beginning of negotiation, general discussions take place. The pros and the cons are put together and presented before the opposing parties. It is this process that goes through to the very end where you all jointly decide on a singular point and agree to execute what you have put together in agreement that you have negotiated. It is such a vital part of the real estate game (enterprise). Once you know how to negotiate, theres a lot that you would be able to accomplish in terms of formulating and conceptualizing future investments. A good negotiation from the on start secures the future. It makes sure that you have done something that would endure. A bad negotiation (bad because it hasnt gone your way) could spell doom for any particular situation. It could mean that the advantage is not on your side; you are already disadvantaged from the beginning. On the other hand, when you negotiate well, it makes room for profit; it clinches the deal for you and this just gives you a good feel.

A lot of times, when you dont negotiate well, it is soon apparent to you and you get to think that you have not got this one right. Somehow, we can conclude that negotiation is an art.

This book represents the best means and probably can do to shape this art into a science. A scientific process which when you follow level by level, educating yourself about the possibilities of negotiation, then you can have an expected outcome. Of course, along the line we would find out that the art of negotiation can be learnt and it makes so much difference when you can learn it.

In the global setting, there are so many markets. Specifically, there are so many property markets. Indeed, every nation has a property market and there are some countries where you might not be able to make too much transaction difference by negotiation but in some other countries like Nigeria, Ghana, the Middle East, Latin America and South African countries, negotiation can give remarkable results where you just find out that you started with a high figure and you significantly reduce price of property by skilful negotiation.

In some other countries like the United States of America, United Kingdom, and Canada, hard bargainers or negotiators are sarcastically called bargain hunters. There is an expectation that after a short while during negotiation, having gained some price advantage you should negotiate no further and the price stands. However, bantering is a part of the African culture. We banter in Africa. In our culture, it is normal, it is respected, it is expected that people will try to negotiate right from the local market to everyday trade and commerce. Negotiation is very much a part of our daily lives.

This book has been put together such that we would become better negotiators. The real estate industry is peculiar and it is not the same way you negotiate in the local market buying food stuffs or buying everyday household utensils that you negotiate when it comes to real estate. Every point in this book has been put together in a specific way to assist the average person to approach real estate negotiations in a proper result oriented way that would lead to a meaningful transaction. By so doing, every person right from the low entry investor to the sophisticated high income investor would be able to skilfully negotiate through and come out with meaningful results in transaction. It is my hope that you will apply every portion of the book which has been so carefully arranged in a simple format.

So enjoy the art of negotiation and come on board.

Thank you very much!

Makanjuola Ojewumi

Winning Way

ONE

NEGOTIATION IS OFTEN DEFINED BY OFFERS AND COUNTER-OFFERS

In the world of negotiating real estate, the most common approach is for several people to operate the principles of the law of contract between two parties: offer and acceptance leads to a legally binding contract between buyer and seller.

Three things that usually make up a fully binding contract are, offer which is the price at which something is given for purchase and