09.03.06
Negotiating the Best Solution in Your Home Purchase or Sale
I am a sucker for a good yard sale. It’s not the selection of dusty collectibles or the racks of vintage clothing that get me excited; it’s the opportunity to negotiate the best bargain. I can’t help myself. If there’s a price tag to be found, I believe there’s a deal to be made. The same goes for each and every real estate transaction I work.
A challenging transaction is one in which the parties have multiple aspects of the deal to negotiate: purchase price, inclusions/exclusions, possession terms, incentives, etc. When the Buyers and Sellers and their respective agents are able to approach the deal with open minds, everyone can walk away happy.
What makes a good negotiator? First of all, it is being open-minded. Many of my clients have commented to me that they find themselves shutting down and shying away from negotiations. When this happens, the party is likely to lose something important to them. A good negotiator knows what they want, and they are willing to talk over a multitude of options to get it. They are also willing to dig to find out WHY the other party wants what they request. Understanding motive is very important in pinning down the best solution(s).
A good negotiator knows that there is some ‘give and take’ and they are willing to engage the other party because they know they can work out a solution without conflict. They are not afraid of the other party (or of being taken advantage of) because they believe they can facilitate a win-win situation, of sorts.
Experienced and well-versed negotiators can sway the other party to understand their needs and concerns. They are willing to lead a conversation toward the things that interest them the most without slighting the other party. They also understand when things have reached an impasse so that they can introduce alternative options.
Finally, a strong negotiator never falls into the belief that they can effortlessly trump the other party or that there isn’t any room for improvement. They are focused and they practice. Michelle Buck, an MBA professor at Northwestern University says, “I fell in love with the idea that a seemingly contentious, stressful negotiation can be transformed into a collaborative, creative endeavor.” Adopting this paradigm shift means successful negotiations are achievable though thoughtful and intentional interaction. Try some of these tactics the next time you stop at a neighborhood yard sale. You’re likely to walk away with some impressive deals.
