What is your negotiation strategy?
How specifically do you prepare to negotiate the price of a property? How do you make concessions? Do you make lowball offers? If you are on the other side, how do you respond to lowball offers?
[{"id": "ekxp27a", "text": "The &gt;$10MM market is so competitive right now, especially in industrial, there isn\u2019t much opportunity to negotiate.  If you try to lowball then you\u2019ll just be cut from the buyer pool.  We try to offer at what we think is a fair price, is somewhat within the ballpark of the broker\u2019s guidance, and at a price where we can hit our return requirements.", "replies": [{"id": "ekxp7qo", "text": "Do you leave room to go up even more from your initial offer? Or do you just offer your best price first?", "replies": [{"id": "ekxpavz", "text": "There is usually two rounds of bidding.  On the first round we usually bid just enough to get us to the best &amp; final round.  Best &amp; final is where we really offer what we think it is truly worth.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "elbol3p", "text": "He who has the most information often wins.  I would know as much as possible about comparable sales for that property. I would also try to figure out the seller's motivation as much as possible, how much they paid for it, when they bought it, what they owe on it.\n\nI'm selling a few commercial properties for my employer right now. One of the things I look for is the buyer's ability to close quickly, to not ask for a lot of unreasonable contingencies.  I'd probably agree to take less from a buyer willing to close in 2 months vs 6 months.", "replies": [], "depth": 1}, {"id": "elboyjk", "text": "I would add this, I don't get upset about low ball offers but I'm very rational and unemotional about real estate.  I usually counter.  If they respond to my counter with another ridiculous lowball I'll say something like since the comps are running $X per SF for this type property, I'm not willing to go lower than ____.", "replies": [], "depth": 1}]