Jim Knows DC :: The Art of Negotiation....

The Art of Negotiation....

added by admin 774 days ago

...is knowing when to blink and when to hold the stare...

There are many arguments on the best ways of negotiation. Some say negotiation is going for the win-win. Well it sure can be; especially in relationships! However in business; it is about winning for your client.

Last weekend I was negotiating for a wonderful buyer-client. We went back and forth with the sellers a couple of times. We were very close. The sellers needed to "sleep on" the final counter. -There were no other offers out there; just us-

The next morning (early); my client sends me a message - "let's just accept their last counter"! I told my client; "Slow down, you blinked too early!". Instead, we waited 2 hours; and the sellers blinked. Saved the buyer a few thousand dollars.

In another deal this week; the listing agent says; "we won't lower the price to the appraised value - no way". The listing agent (a great guy and good negotiator); tries to "bully" my new assistant. No problem. I just call the listing agent, get his voice-mail and say; "I got your message from my assistant, I will prepare a release, sorry we couldn't make this work."

He blinked - 2 minutes later the call comes in - "Oh I KNOW we can make this work!" (I figured as much).

Sometimes; the other side won't blink - not at all. Most of time their last counter-offer isn't their final; but getting the other side over the line is tricky -risky- business. Every once in awhile I will have a client who will just give in right off the bat. I always coach them to try a get the other side to give in a bit more. It is my job to gage how far the other side is willing to go.

How do I do that? Well that's for another post.... (or you can hire me and I will show you).