Working in the real estate field, I have come to find out that everyone and their mom knows how to negotiate. And it’s quite amazing how far from the truth most people are in knowing how to effectively handle the back and forth with the other party.
Now. Am I an expert negotiator. Maybe…maybe not. But what I do know is that I am very good at communicating with other people that have at a minimum…enough motivation to get the deal done. With the latter in mind, here are three traits I am always conscious of when negotiating.
- Be quite. More often than what you may think, the other party will propose a reasonable start to the negotiation process. And even if they start with a low ball offer, so what. Be quite and listen. You cannot control what other people will offer you. But what you absolutely have control over is your response. And if your response includes the “giving of full attention” for what the other person has to say, the end result will be a reach of agreement or a smooth “end of talks”. In the worst case scenario, you leave an amicable door open just in case the other party reconsiders a new offer.
- Get out of the way. I am a firm believer that the biggest obstacles between a motivated seller and a motivated buyer are the middle people with a lack of control of emotions. So as long the back and forth is all within win-win grounds, why throw a curb ball? Now. If the balance (negotiation) is unfairly tilting one way, then yes. Control your emotions and get in the way.
- Given what you asked? Take it and run. I have been involved is so many deals where we have offered everything the other party wanted with a cherry on top…and bang! We still hit a wall. Why. Because the grass is always greener? That’s just dumb. Not taking what you want tells me you are not motivated. And what do non-motivated sellers attract? Low ball, non-motivated or see-what-sticks-on-the-wall type of buyers.
Say you are talking to the buyer that is making you an offer. After they are done talking, repeat what they said is one or two sentences. This ensures them that you listened and understood what they said. That you are with them on the same communication page. And this helps them get on “your side”. You’ll be surprised the lengths the other party will compromise simply because you acknowledged them.