Negotiating Strategies Worth Following
Successful negotiating used to be about winning at all costs and grinding the other person into the ground. But today’s rules call for collaboration, tact, and trust.
You can’t do real estate alone. It shouldn’t be adversarial. You need good relationships with colleagues, competitors, and other professionals like lenders and title companies. Everyone’s help is required to help achieve the goal of a closing.
Here are five smart negotiation principles worth following:
1. Build trust by clearly stating your objectives and respecting those of the other party. At the same time, it’s critical to remain flexible and open to other options. Show empathy for other peoples’ difficulties.
2. Ask lots of open-ended questions, those that require more than a yes or no answer.
3. Never lose your temper or yell. If egos clash, ask for a break until tempers cool.
4. Don’t underestimate the value of being nice. It’s not the same as being a doormat. If you listen to people fully, they will listen to you. You will be perceived as an honest and fair professional.
5. Remain calm and balanced under pressure. Show that you understand your adversary’s priorities but are not personally vested in the outcome of the negotiation.