Any advice on best way to negotiate down a blind offer that has already been accepted without coming across as a bait and switch? I have one now that I will likely need to cut in half due to Topography (Half the 2 acres is almost a cliff). Thanks
@miky443 This is something I’m also still working on, so I’m interested in the other opinions you get.
I think you have a great reason to drop your offer price that the seller should understand (even if he/she doesn’t accept the offer). Just let him/her know that you send thousands of offers and there’s no way you can individually analyze each property ahead of sending out offers.
One other thing to consider is just to decline purchasing at all. It’s not always easy to sell these vacant land properties, so I try to only buy good/great properties that I know I shouldn’t have a problem selling once I buy. It feels awful getting stuck with a bad property that won’t sell. Maybe get a land specialized agent opinion if you haven’t already.
An example from my own business I can give is that I will never buy another land locked property again at any price. This can be looked at as leaving money on the table, so you’ll have to think about what your own tolerance is and how long you can wait for properties to sell.
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@bj Thanks BJ! All good ideas
@miky443 just to build on what @bj said, one way to frame any kind of “no” response is to treat it like a policy decision, not a personal decision.
For example, don’t say:
“I don’t think I can but this property because it’s landlocked.”
This kind of statement sounds too subjective, as if you’re making the decision in your head, on the spot but you could be convinced otherwise.
Instead, say:
“As a company policy, we don’t buy landlocked properties.”
This kind of statement is much firmer and doesn’t leave room for negotiation.
Most land flippers aren’t really into negotiation. It requires too much salesmanship in a business where it’s really just a numbers game.
If your number has to go lower, just point out whatever material problem you’ve discovered (this should not be hard to find, every property has them).
Come up with your best number, whatever that is, and if the seller doesn’t understand or like it, move on.
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