“Something-for-Nothing” vs. “Nothing-for-Something”
Editor’s Note: President-elect Trump has his negotiating secrets, I have mine. Or did — keep reading . . . 🙂
Ever wonder what the secret(s) to successful negotiation are?
By definition, every deal is unique.
And, when it comes to buying and selling homes, it’s always a negotiating advantage to know more about the local housing market, trends in inventory and interest rates, the nuances of real property law, etc.
But, that doesn’t mean there aren’t fundamental negotiating rules that apply to every deal.
Quid Pro Quo . . . No?
At root, it boils down to these two principles:
One. Never yield something for nothing.**
Translation: anything the other side wants has to be “paid for” with an equal and offsetting concession.
The other side doesn’t have anything (else) you want?
They don’t get what they’re asking for.
Asymmetric Negotiation
Which leads to the flip side of the same coin (Rule #2): Never trade for something that the other party may give you for free.
That’s why experienced negotiators listen more than they talk, and always let the other side speak first.
So, for example, assume that a Seller needs a longer close.
They could stipulate that in their marketing material and/or on MLS.
Or, they could omit it . . . and get lucky and attract a Buyer who has exactly the same need (or is at least indifferent).
Cost of the latter strategy: zero.
**Courtesy of Matt Loskota, Edina Realty’s 50th & France Office Manager.
See also, “The Single Best Negotiating Strategy for Home Buyers”; “Frank Underwood’s Negotiating Secrets.”; “Negotiating Strategy 101: Is Time Your Enemy or Your Friend?”; “Negotiating Tips”; and “How to Become a Good Negotiator.”
Plus: “Splitting the Difference and Other Negotiating Tactics“; “The Difference Between Haggling and Negotiating“; “The Key to Successful Negotiation“; and “Written vs. Verbal Counter-Offers.”
