“Any business arrangement that is not profitable to the other person will in the end prove unprofitable for you. The bargain that yields mutual satisfaction is the only one that is apt to be repeated.”
I love the above quote. IT personifies my business philosophy…it’s “Win-Win” or we don’t have a deal! It’s really that simple. Making sure that the parties on each side of a deal are treated fairly is of utmost importance in any Negotiation.
Negotiation is the most misunderstood and underrated skill of the Real Estate Industry. Prior to entering into Real Estate, I always felt I had a pretty good feel for negotiating…I think we all do right?
Having now closed hundreds of deals, I’ve been fortunate to witness many different personalities in the conference room and on the phone, from many different cultures, and I’ve learned from most, if not all of them.
Over the years I’ve become a student of Negotiating, and have read countless books on the topic. I also hold the CNE designation.(Certified Negotiation Expert)
There are 3 recognized negotiating types:
Competitive (Win-Lose) (Most other agents and brokers)
Collaborative (Win-Win) (My favorite…everybody wins!)
Compliant (Lose-Win) (Some people favor others interests over their own)
I won’t go into the nuances of each, but you get the rough idea. Any seasoned agent or broker will share with you their frustration that most people in our business are too focused on the first type, Competitive. This is very small-minded and will ultimately bit them and their clients in the tail.
This is not the place to break down the details of each, but believe me…it is possible for Win-Win, a lot more than you’d probably think. From the sidelines this might sound like a stretch, but if you lose enough deals, and encounter enough unique circumstances…you will see that this is not only possible, but it’s imperative! A good negotiator will bring value to each side of a transaction, based on each party’s self-interests.
It’s about finding peoples ultimate needs by asking the appropriate questions. “This is why we have 2 ears and only 1 mouth” If you’d like negotiating representation on any purchase, sale or leas, please feel free to give me a call.