How To Negotiate Your Next Multifamily Deal | How To with Gino Barbaro

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

Smartinvesting, Buyingrealestate, Investing, Multifamilyrealestateinvesting, Business, Investingsmart, Apartmentinvesting, Management, Makingmoney, Realestateinvesting, Cashflow, Jakeandgino, Realestateinvestment, Commercialrealestateinvesting, Buyingapartmentbuildings, Entrepreneurship

4.9 • 842 Ratings

🗓️ 2 April 2024

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Through real-world examples, he brings to light the essence of property evaluation and getting to the heart of the buyer's motivation. Discover the arsenal of negotiation tactics Gino shares, from the subtle art of the nibble technique to the strategic mask of true intentions, the impactful flinch, principled negotiation, and the pivotal doorknob technique. Beyond tactics, Gino stresses the significance of listening with intent, fostering empathy, and nurturing rapport and trust as the bedrock of meaningful negotiations. Key Insights: Grasp negotiation as a vital skill with the power to transform outcomes, advisable to be honed from an early age. Explore the SPY framework as your guide through the intricacies of negotiation, emphasizing the seller's viewpoint, property potential, and your strategy. Realize the critical need for a deep dive into the seller's predicaments and aspirations for a win-win scenario. Learn how evaluating the property and decoding the buyer's drive are pivotal in the negotiation chess game. Enhance your negotiation toolkit with techniques like the nibble, masking intentions, the flinch, principled negotiation, and the strategic doorknob close. Understand the irreplaceable value of active listening, empathy, building solid relationships, and trust in achieving negotiation excellence. Join us as Gino Barbaro leads you through the labyrinth of negotiation, equipping you with the knowledge and skills to navigate your next multifamily deal with confidence and tact. Chapters 00:00 Introduction and Importance of Negotiation 01:09 The SPY Technique 03:16 Examples of Successful Negotiations 04:15 Evaluating the Property 06:40 Understanding the Buyer's Motivation 07:36 Negotiation Strategies: The Nibble Technique 08:08 Negotiation Strategies: Masking True Intentions 09:05 Negotiation Strategies: The Flinch 10:04 Negotiation Strategies: Principle Negotiation 11:02 Negotiation Strategies: The Doorknob 14:28 Importance of Listening and Empathy 15:25 Building Rapport and Trust

Transcript

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0:00.0	Hello and welcome. My name is Gino Barbera, one of the co-founders of Jake and Gino. And in this
0:05.2	how to, we're going to be discussing how to negotiate your next multifamily deal. Now, I've got a
0:11.9	really cool bonus for you. I want you to email me Gino at jakeandgino.com. And I've compiled a list of
0:18.7	notes from Chris Voss's book, Never Split the Difference.
0:22.8	His book is amazing.
0:24.8	He's been on the multifamily Mastery Six's stage.
0:28.2	He's spoken at our events.
0:29.7	He's been on our podcast three times.
0:32.5	He is a wealth of knowledge.
0:34.9	And one of the skills that we don't learn early on, unfortunately, there's a lot of
0:39.5	skills we don't learn in school. But I think negotiation has got to be one of the top three or
0:43.9	four skills that we need to learn just for life. You've got negotiation, you've got communication,
0:50.3	and then you've got finance, money. But if you don't understand how to negotiate,
0:54.9	how to get people to do what you're trying to accomplish,
0:58.4	it's all about the influence.
1:00.1	And you achieve that through proper communication,
1:03.4	but also understanding how to negotiate with others.
1:05.9	So let's jump right into it.
1:07.1	At Jekinino, we created the spy technique.
1:10.8	We've trademarked this, S-P-Y. That's the
1:14.6	acronym. And when you are negotiating with somebody, you are supposed to be listening to the other side.
1:22.3	Stephen Covey says it's best. Seek first to understand and then to be understood. Don't go in there just with your
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