Negotiation is a skill every property developer needs to master. Whether you're securing a development site, negotiating with contractors, or structuring a joint venture, strong negotiation skills can save money, reduce risks, and create better opportunities.
In this episode of the Property Mastermind Podcast, Hilary Saxton and Bob Andersen break down the key negotiation strategies that every developer should know. They share real-life examples, including how one of their mentoring students successfully negotiated a joint venture with a landowner.
They also discuss the common mistakes developers make when negotiating deals and how to listen, ask the right questions, and uncover what the other party truly values. If you want to improve your negotiation skills and get better deals, this episode is packed with insights to help you succeed.
Episode Highlights
[00:00] Introduction – Why negotiation is a critical skill in property development.
[03:50] Real-Life Negotiation Example – How a mentoring student secured a joint venture deal.
[06:34] The Power of Communication in Negotiation – Why building trust leads to better outcomes.
[08:41] Negotiating the Purchase Price – Understanding what the seller really wants.
[10:36] Dealing with Agents vs. Direct Negotiation – How working directly with owners can lead to better deals.
[14:28] Understanding What Motivates Sellers – Why it’s not always just about price.
[16:25] The Role of Clean & Quick Offers – How being prepared can win you the deal.
[18:22] Negotiating Settlement Extensions – Real-world example of how flexibility led to a better deal.
[19:58] The Importance of Preparation – Knowing your numbers and researching before negotiating.
[22:05] Talking to the Right Person – Ensuring you're negotiating with someone who can make decisions.
[25:27] Playing the Long Game in Negotiation – Why relationships matter more than short-term wins.
[27:29] Bob’s Best Negotiation Strategy – Why acting less knowledgeable can give you the upper hand.
[31:18] The Power of Silence – How letting the other person talk can lead to better outcomes.
[32:45] Final Takeaways – How to practice and refine your negotiation skills.
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