Commercial Property Negotiating: The Framework for a Great Deal

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Asking these Key Questions will help you succeed as a Negotiator.EVERY NEGOTIATION can be very easily broken down into its component parts … once you understand what is really going on.

Over the next few weeks, I’ll be posing 20 questions — which (when taken together) are intended to help you fully grasp everything involved.

And these questions will ensure you are thoroughly prepared. As they will also serve to remind you of the key things you should watch out for “at the table”.

Both before (and during) any negotiation, here is what you need to be asking yourself. ARE YOU …

  1. Pursuing what you REALLY Want?

    Never enter a negotiation until you have a clearly defined outcome in mind. Be sure to write it down concisely; and then make it the focal point of your prep-work.

  2. Researching your Opposition?

    This is very important. Learn as much as you can about whom you’re up against. Try to discover what it is they want … their strengths and weaknesses … even their likes and dislikes.

  3. Preparing Thoroughly?

    And that means … Point by Point.

    It’s important to do your homework on the property, the market and the neighbourhood. You do not want to be fumbling for papers — looking for statistics or sales evidence. Instead, you need to focus on the deal; and have everything at your fingertips.

  4. Considering Method and Timing?

    Wherever possible, start your negotiation face to face. Because, it’s always easier for them to say “NO” over the phone, or by letter. Furthermore, Master Negotiators will always initiate the “process” — to gain the advantage of both preparation and timing.

  5. Achieving Early Agreement?

    Try to get minor agreement on one or two points, early in the negotiation. Even if it’s just the recognition of a potential problem.

    >>For example: I think we can agree we have an issue with
    >>_________, so let’s find a way to resolve that?.

  6. Exploring Constraints & Flexibilities?

    Discovering the cards held by the other side can be invaluable. Some of their constraints may be immovable; but you may find some issues to be reasonably flexible.

    Likewise, examine and understand your own constraints and flexibilities.

  7. Adopting a Reasonable Attitude?

    In many negotiations, you end up forming a relationship with the other side — and this needs to be mutually beneficial. Therefore, recognise and acknowledge their constraints and desires … just as you expect them to recognise yours.

  8. Listening Carefully?

    As you can appreciate … listening is actually quite different from merely hearing, whenever someone speaks to you. Make sure that you fully understand what is actually being said; but more importantly … WHY it’s being said.

Bottom Line: Obviously, you’ve only just made start with the prep-work needed for a successful Negotiation.

But over the next couple of weeks you’ll start to fill in the gaps — so by the end, you should have a complete framework to refer to — every time you enter the fray.

And feel free to leave any comments or questions you may have below … so that I can answer them personally.

 

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