It has been engrained in our culture to avoid confrontation and possible rejection at all costs. One of the first lessons you should learn as an investor is to leave this train of thought at the door. Like most successful people in business, you should learn that you never know what you can get unless you ask. This may sound simple, but everyone from the seller to your contractor may be willing to offer something that you would have never have thought unless you ask. Essentially, you will never know the answer to your investing questions unless you ask.
There is a difference between negotiating with the people that work with you and haggling. When you negotiate, you are trying to get the best possible deal for you at a happy medium. In most cases, if you ask, you will get what you want. However, very few people are willing to do take that step. The fear of them saying no or walking away from you or the deal scares them into asking. With the rare exception, the worst that will happen is that they will say no and you move on.
You should be willing to negotiate with everyone on your team. You are the reason that your realtor, contractor and attorney make money from deals. You don’t have to negotiate strictly for financial gain. You can insist things are done a certain way or in a certain period of time. Your contractor may be great, but if they can’t do the work you need when you need it, you will be forced to find someone else. Here is where you have to know where to give in order to receive. If you pay your contractor as soon as they are done, they will be much more likely to put you on the top of their list the next time you call. If you ask them if they can do something on a rush, they may say yes.
The same goes with your realtor and attorney. You don’t want to make a habit of dismissing them on every deal, but there is nothing wrong with asking for a volume discount or to do small tasks for you. You should be careful when you ask for projects to be rushed. When something is legitimately time sensitive, you can ask for a favor. As long as you don’t abuse this approach, your request should be granted. Instead of hemming and hawing, just ask whatever is on your mind. They can say no, but they can say yes and make your life that much easier.
The best investors will face rejection every now and then. The difference is that they will proceed to ask questions over and over again. The times when they get what they want far outweighs the times that they are rejected.