The Top Five Items You Need To Know To Win A Real Estate Negotiation

Posted by on Dec 2, 2014 in Blog - Commercial Investment Properties | 0 comments

In an interview, Mike Walker discussed the Top 5 things you need to know in order to be successful into negotiation:

1)     Know your opponent – size up your counterpart “he who knows more wins” listen more.  Know more about their profile and what they do, their style, their professions- their bargaining tactics

FRAMING a conversation it’s a psychological tactic—there are 3 characteristics that FRAMING to be more successful in conversation

  • Open conversation- make everyone feel comfortable – “getting them to talk “
  • Get in to the point of the conversation
  • Concealment technique – 4:4 ratio

2)     Know your environment – understanding the environment will help the negotiator to  understand what type of negotiation, goals and deals they should expect. Mike discusses Risk and Rewards of your environment,  RISK Tolerance! Pre- Judging

3)     Know your game plan- know you’re TACTICS.

4)     Know your alternatives- know your “BATNA “   in negotiation. “batna” Best alternative to negotiating agreement.

 5)     Know when to say YES – there should be a TIME FRAME in mind – when to say YES.

Want to know more?

Listen to the informative Podcast at: Winning Real Estate Negotiations

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