159: Real Estate Negotiation with the American Negotiation Institute's Founder, Kwame Christian
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 June 2018
⏱️ 50 minutes
🧾️ Download transcript
Summary
#159: Negotiation is a substantial part of real estate and investing. We discuss exactly what you do when the tenant wants to pay the rent late.
I tell you exactly how I negotiated the price and terms on the very home that I live in today!
Then our guest, Kwame Christian, Founder of the American Negotiation Institute joins us. He defines negotiation as "A conversation where somebody wants something."
Three uses of negotiation: 1) Use offensively. 2) Use defensively. 3) Strengthening relationships.
We discuss how you negotiate in a way where you keep a strong relationship with the other party, rather than alienate them.
We talk about how to motivate your Property Manager to work hard on your behalf.
In negotiation, let other party speak first. Let them make the first offer, except when you have more information. We discuss midpoint negotiation.
"Anchoring" is an important part of negotiation psychology. This can help you get a better deal.
Kwame and I discuss what people will pay what an item is worth to them, not you. But what about sentimental value and sunk cost?
In a real estate sellers' market, should you ask for more than you expect, or only what you expect?
Learn about the negotiation techniques of "log rolling", multiple offers, and "always get the last concession".
We discuss introverts and negotiation. Negotiation is a learned skill; it is not innate.
Learn exactly what to do to become a better negotiator in just the next 24 hours.
In negotiation, where do ego and emotion fit in?
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Listen to this week's show and learn:
01:22 Negotiation technique for a late-paying tenant: say these 7 magic words.
03:38 How I negotiated the price and terms on the exact home that I still live in today!
08:49 Kwame Christian interview begins.
10:01 Definition of negotiation.
11:38 Three uses of negotiation: 1) Use offensively. 2) Use defensively. 3) Strengthening relationships.
13:48 How to motivate your Property Manager to work hard on your behalf.
16:40 Let the other party speak first.
19:00 Midpoint negotiation. The psychological principle of "anchoring".
25:19 People will pay what an item is worth to them, not you.
27:18 Sentimental attachments and sunk cost.
29:50 In a real estate sellers' market, should you ask for more than you expect, or exactly what you expect?
31:33 Negotiation technique of "log rolling" (presenting a seller with multiple offers).
32:43 Always get the last concession.
34:55 Don't be a "nibbler".
36:11 Introverts and negotiation.
38:49 Negotiation is a learned skill; it is not innate.
40:30 Do this in the next 24 hours in order to be a better negotiator.
45:08 Ego and emotion in negotiation.
46:19 Hotel room negotiation technique.
Resources Mentioned:
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Ridge Lending Group, Mid-South Homebuyers, and G-R-E-Turnkey.com. |
| 0:11.0 | Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else, |
| 0:24.7 | and can provide you with more wealth and happiness than you ever thought possible. |
| 0:29.6 | Now, here's your host, investor, entrepreneur, business owner, and educator Keith Weinhold. |
| 0:40.6 | Welcome to GRE, Get Rich Education episode 159. |
| 0:44.5 | I'm Keith Weinhold, and today we're building your wealth |
| 0:46.8 | as I'm going to give you some of my best negotiation techniques, |
| 0:51.3 | especially those for real estate investing. |
| 0:53.5 | And in a few minutes, we're going to have the founder of the American Negotiation techniques, especially those for real estate investing, and in a few minutes, |
| 0:54.4 | we're going to have the founder of the American Negotiation Institute here with us. |
| 0:59.3 | He's a really sharp guy, and I'll see what he thinks about some of my real estate negotiation |
| 1:04.3 | techniques. |
| 1:05.4 | Now, as you know, I'm not a big believer in you being your own landlord over the long term because that's just not a very scalable proposition for you. |
| 1:18.1 | And it's a tough job. Let your property manager take care of that stuff. But if you do find yourself in a position of having a tenant that doesn't want to pay your rent by the due |
| 1:29.1 | date, we're going to go ahead and dampen this potential conflict before it flares up. Okay, |
| 1:35.3 | here's exactly what you do. Nip this problem in the bud. Don't let the tenant pay you the rent |
| 1:42.7 | late unless you serve them with your state's |
| 1:46.3 | notice form. In some states, that's called a notice to quit, or it's just a formal notice |
| 1:52.9 | informing your tenant that they are indeed late with the rent. That gets recorded. In case you |
| 1:59.8 | communicate with the tenant a little bit outside of what's |
| 2:02.6 | on that form, here is a great negotiation tactic that I know of for you to get the rent paid |
| 2:08.8 | and for them to still respect you, or at least greatly increase the chances that the rent's |
... |
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