A commentary by EXIT Realty Corp. International CEO, Tami Bonnell, as featured in eConnect, the official newsletter of the Women’s Council of REALTORS®.
I love negotiating, perhaps because I believe in only one outcome: win/win. Too many real estate transactions are left on the table with the parties unable to reach a satisfactory agreement. Not only does this cost money, but it also keeps buyers and sellers from achieving their dreams.
I believe real estate professionals often miss key opportunities in preparing for and achieving a successful outcome. The biggest mistakes I see include not taking the time to get to know the individuals involved in the transaction, negotiating online instead of in person and acting rashly in a need to be right.
Careful and detailed preparation is important. If you Google the people involved, connect with them via social media and pay close attention to details, you’ll discover several signs that will help you respond during the negotiation process.
The better you get to know someone, learn their motivations and personality traits, the more likely you will be able to read them better. I recall an important negotiation where, after I thought we had reached a settlement, the party on the other side faxed nine typed pages of conditions to my office. My colleagues offered their sympathies on what seemed to be the death of the deal, but I knew differently.
Read the rest of the article here.