Episode 023 - Negotiating Is NOT For the Weak-Minded
Negotiating can make or break your transaction, your credibility, and your business. If you're scared of negotiating, then your clients suffer. In this episode, we talk about Star Wars; songs from the 80’s; Cate’s and Christian’s plans for a new podcast.. Oh yeah, we also cover how to negotiate. Listen as B trys to save his relationship while negotiating out of a touchy situation--without the use of Jedi mind-tricks! As the title says, negotiations are not for the weak-minded. Learn a few quick techniques that will help both you and your client get what you want.
SHOW NOTES
- 02:13 – “The force can have a strong influence on the weak-minded.” - Episode IV (or Episode 1, based on how we're counting!)
- 02:33 – Not if you’re a Toydarian. If you are trying to negotiate, do not try mind tricks on Watto or other Toydarians.
- 03:20 – The song of the episode: Queen, “Under Pressure”
- 05:10 – Compromise conversation…Cate has a push back.
- 05:30 – How to negotiate to help our clients with their transactions. Negotiating with agents, clients, appraisers, etc.
- 06:40 – Most negotiations start with an “adversarial” position. Framing can make or break the negotiation. “I have to win” mindset can drive a bad transaction.
- 07:30 – Compromise defined: A settlement of a dispute in which two or more parties accept something less than they originally wanted.
- 08:15 – Ultimately working toward is getting a win-win. Example: we close on the transaction.
- 08:36 – Cate: Reframe what is a “win” for your client. Many ways to find alternate means to win. Not just “black or white.”
- 09:15 – Rare that both sides are far apart. Usually closer than we both think.
- 10:00 – Stop! Collaborate and listen! Cate and Christian want to start their own podcast…not about Star Wars.
- 11:00 – Stop and collaborate and listen to each other. We are going to slow down and relax.
- 11:20 – Cate: “Bite your tongue” until it “bleeds” because are so angry and caught up on “principle”.
- 11:48 – Work with both sides. B touts on Cate about her ability to work with both sides of the transaction. She will call the other side to find out what is important to them. She can structure a better offer.
- 12:54 – There is a difference between a “want” and a “need”.
- 13:22 – What is the ambition? Cate: Talk with the listing agent; can find out their ambitions.
- 13:50 – Christian has an anecdote about his transaction. Everyone worked together.
- 14:55 – Sometimes there are concerns that have nothing to do with the transaction at all. There might be something personal, something emotional going on. Sometimes there are issues that transcend the economics or quantifiable concerns.
- 16:15 – Have empathy. LISTEN to what is going on. Have sympathy for the other side.
- 17:45 – Christian got the win by understanding and negotiating with knowledge of what is happening between the parties.
- 17:55 – Cate’s “Side Note Tangent” – Cate’s first cassette was “Ice Ice Baby”. Did you know Robert Van Winkle, aka Vanilla Ice, has a show about flipping homes?
- 20:09 – Other tips to consider when negotiating: Let the other side win.
- 20:35 – Have patience (Shut up Cate). Psychological negotiations: let them sleep on it and let them sleep on it.
- 22:17 – Keep the discussion continuing without exhausting everyone.
- 22:25 – Sometimes people need their ego stroked.
- 22:50 – Cate: some people need to vent. Blurt it out and move on.
- 23:00 – Make sure you are playing fair. Don’t lie, cheat or steal. Maintain confidentiality.
- 23:30 – Engage with a third party. Get your managing broker involved. Sometimes have an “authority figure” can help relieve some of the strain.
- 24:10 – Cate: everyone has a different perspective and a different way to present things.
- 24:22 – Quote to close out: Compromise is a virtue to be cultivated, not a weakness to be despised.
- 25:10 – This is not for the win of my ego or my strength, it is for the good of my client and the transaction.
- 25:30 – Close out the episode with some final thoughts. Look for the smile on your clients face when you do a great job!
SHOW LINKS
BETWEEN THE LINES LINKS
Email
brian@brianclee.com
cate@craftsmanrg.com
Web
brianclee.com
catelee.com
realestatebetweenthelines.com
Facebook
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?
