Negotiation Do's and Don'ts

A blog post last week written by Warburg’s Fred Peters really highlights some critical Do’s and Don’ts of the negotiation process. Most importantly he discusses how essential it is to be prepared BEFOREHAND. Too often the stress is put on what to do in the actual negotiations; however the work prior is overlooked.

First, Peters writes that you must know comparable sales in the area and in property size to back your findings. This is crucial for your side of the negotiations - as a knowledgeable real estate broker - to state your case. Having a strategy, as Peters says, is also part of the plan. Anticipating a back and forth and what your opposing broker may counter with will keep you one step ahead.

Another interesting point made by Peters is that you must always remember other critical dates and events. When you are in the negotiation process, it isn’t all about money. Some other details may come up including furniture, contingencies, closing dates, inspections, etc.

Lastly, while hammering out certain details is a must, Peters make a point to not let your ego get in the way. In the end your goal is to serve the client and help them achieve their goals. If you let your persona take over it can have negative effects on the negotiation process.

Negotiations are always something you can improve on. Remember to learn from both past mistakes and successes.
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