Every Master Negotiator Knows These

Posted by on Nov 1, 2019 | No Comments

During an interview with Club Wealth TV, I shared some of my favorite negotiating techniques that have had a significant impact on my business. I’m going to share three of them with you.

Negotiating has always been an obsession of mine because I always feel outgunned. I wasn’t born rich and well-connected. Thus, I really had to work hard to level the playing field between myself and the wealthy individuals I deal with.

Negotiation is incredibly important in luxury real estate and I have three critical rules of negotiation that I like to follow. 

Negotiation Rule #1: Build Standing

You want to build your standing or preeminence in the marketplace. You achieve that through your personal promotion, writing, and speaking. 

When it comes to speaking, I encourage you to speak locally about your market. In particular, the best way to meet gatekeepers in your market is to speak at a Rotary Club. If you can show these gatekeepers your market preparation and pricing expertise, your standing in the marketplace is going to soar. 

Negotiation Rule #2: Never Assume

There’s a great book on negotiation called, Getting to Yes. It’s my bible for negotiation. I loved it so much that I took a class being taught by the author at Harvard Law School.

During the course of these classes, I learned that we assume too much. Especially when it comes to negotiating with the wealthy, it’s imperative to ask them what they want – don’t assume what they want.

Negotiation Rule #3: Detach From the Outcome

This third rule is the most important rule and a great rule for life in general.

Detach from the outcome. 

If you want a magic bullet for dealing with billionaires, be perceived as being willing to walk away - not needing a deal. Click To TweetWanting a deal is fine. Needing the deal is bad.

Sometimes, I’ve walked away and they’ve called my bluff. I’ve lost a lot of money. However, being seen as someone who is willing to walk away – being detached from the outcome – is the most critical rule of negotiation.

Until next time, make it a great week.

Luxury Market Preparation Guide
Do You Know Where Your Buyers Are?

Do You Know Where Your Buyers Are?

October 25, 2019
Do You “Demonstrate” Your Listing?

Do You “Demonstrate” Your Listing?

November 18, 2019

Leave a Reply