NEGOTIATIONS

How do you negotiate the best terms in a transaction or contract? Negotiating is something that causes goosebumps in many people, even seasoned salespeople. The key is to think like the other party.

Deadly sins of Negotiating
1. Think only of yourself
2. Insult the other party (lose-win propositions)
3. Ask for too much, too quick
4. Inadequate or no preparation
5. Poor communications
6. Emotion
7. Think about at least your next two steps

Know Yourself
Sit down and do some soul-searching. Write out your desired outcomes-needs, wants and nice-to-haves. If you can accurately peg what you want and need from the negotiations, you are in a powerful position to articulate your strategy to get the needed outcomes.

Know Them
Who are you negotiating with? What are their needs, wants and nice-to-haves? What type of person or organization are they? These questions will enable you to determine how they will likely negotiate. Perhaps there are one or two of their needs that you can give up in the negotiations to be able to obtain your needs or perhaps even your nice-to-haves.

Relationship
All too often, we want to take, take, take. Get to know the other side, personally if possible. This will take some of the emotion out of the negotiations for you and for them. Don't underestimate the importance of this step. This is not about shmoozing. This is about making sure you both understand the other sides position and trying to form a win-win solution.

Patience
Successful negotions often don't happen in one negotiation session. The first session should often be used to get to know the other party and confirm their intentions and/or needs for the negotions. Verbalize your position and establish a time for your next meeting.

Real Estate
In Real Estate, it isn't only about the sell price of the home. There are several other items that are as important or almost as important to the buyer or to the seller.
- how much is the earnet money?
- when is the closing date?
- is there an inspection and if so, is it quick?
- how solid is the financing?
- are there other concessions: i.e., is the riding lawn mower asked for in the purchase agreement, are there seller-paid closing costs?

Bottom Line
If you are buying a home, think like a seller and if you are selling a home, think like a buyer. Always try to understand the other party and their position. You are at least half-way to achieving your desired outcome already!