Page 111 - 2

H IGH -P OWERED R EAL E ST A TE T ECHNIQUES

• Don’t trust your assumptions. If you start with the belief that
all your assumptions and estimates are wrong, you’re never dis-
appointed but you feel good when you find out some of them
were right.
• Don’t assume the other side knows what you know. Find out
what they know during the course of negotiations.
• Don’t accept any offer right away. Hold back. Remember that
the other side wants a sense of “satisfaction” out of the negotia-
tion. Don’t make things too easy for them or they will wonder
how much money they left on the table.
• Do be indecisive to drag out the negotiation. (Remember creat-
ing a “time investment” by the other side is helpful in obtain-
ing a satisfactory conclusion.)
• Don’t do quick negotiations. In quick negotiations, one side gets
an inferior deal. The exception is when you are clearly more
skilled and more prepared than the other side. Skilled and well
prepared wins in quick negotiations.
• Don’t use all the power you possess. Always leave the door open
for future dealings. This is a critical necessity in any long-term
relationship.
• Don’t forget that there’s no right price for the wrong
property.

P.O.S.T.-TIME FOR NEGOTIATORS

Negotiation is like a horse race, but the secret to winning is running
a smart race. Before you go into any negotiation think of each key
meeting with the other party as your “post time.” For example, at
your first meeting, you know little or nothing about the opposition
and what the outcome will be. Use the P.O.S.T. acronym to prepare
for your post time:

89