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Property Investment > Property Investment Negotiation > The 7 Rules of Power Negotiation

October 12, 2019

The 7 Rules of Power Negotiation

Latest, Property Investment Negotiation

Negotiating is a part of living; we do it all the time.

When you walk down a crowded street you negotiate the path you take.

A couple negotiates their relationship before and during marriage.

Although you may not realise what’s

happening, for example you take out the
garbage tonight and I will do the dishes.

Nowhere do we seem to need good

negotiating skills more than at work
where we negotiate with staff, clients and
suppliers.

And of course of the negotiation is one of

the skills developed by all
savvy property investors.

Over the years I’ve noticed that some people are very good at getting terrific deals.

Most others simply get what the other party is willing to give.

What’s the difference?

The first group knows how to negotiate.

Where do people learn to negotiate successfully?

There seems to be no school of
negotiating.

Those who are successful at

negotiation become so by doing many
deals, in other words they learn from
their experiences, but some just have
a natural talent for it.

Over the years I have discovered a

number of rules regarding negotiation.

If you understand these rules, this will help you become a Power Negotiator.

Rule No 1 – Everything is negotiable

This does not mean you are always going to get what you want or win every
negotiation, but you must remember that everything is potentially up for negotiation.

Rule No 2 – Know what you want before negotiating

Always know the result you want – your bottom line – before commencing
negotiations.
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In negotiations and in life, if you don’t have a plan of your own, you’ll be part of
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Rule No 3 – Aim for a Win/Win negotiation

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Win/win is created when we help another person to get what they want while we get
outlook
what we want so that both parties feel they have won.

To achieve this: The Property Development

Process

Never offend the other party

The secret is to try and establish what is Commercial Property — A
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on their agenda and in what order, in
other words what is most important for
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Try and build a rapport with the other
party during the initial stages of the
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negotiations. This will help you satisfy
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their needs by understanding what they
really want, as explained in the next
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When negotiating, try to look beyond the
requests and demands of the other party Property predictions for 2021
and attempt to understand their real revealed
intentions and motives. Seek to meet
this dominant, often hidden, need and All you need to know about
you are well on the way to winning the becoming rich by better
managing your personal
negotiation.
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Don’t assume that the items on your agenda are the same as those on the other person’s
agenda. There may be one or two similar items on your lists, but the order may be How much, on average, does it
cost to build a house?
different.

You can sometimes do this before the negotiations formally begin by observation and State by State Update on the
by asking questions and then listening carefully. Australian Property Markets

Although you are trying to create a win/win, don’t seek total approval from the other
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Don’t fear rejection or be afraid to be seen as unreasonable, otherwise you will give in market strength
to things you want and that’s not really a win/win.
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Rule No. 4. – Treat Negotiating as a Game PROPERTY INSIDERS VIDEO

When it comes to negotiations, you need to be involved but not too much. Know your rights when you
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If you are too emotionally involved, you will lose your perspective and make emotional neighbours

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Like all games, you must understand the rules.

A skilled negotiator understands the structure and stages of negotiation. Your complete guide to
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If you play a game and don’t know the rules, how do you know when the game has
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Rule No 5 – Never believe anyone else is entirely on your side

Making an ofer on a property
Trust yourself; you have your own – What price should you ofer?

interests entirely at heart.

Where do you sit on the
As a buyer, would you go up to a seller, Wealth Pyramid?
show your bank account, explain how
desperate you are to buy the property,
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then ask the seller to tell you what you common reasons property
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If you are a seller, would you tell a Portfolio
potential buyer your absolute bottom
line?

No sane person would do such things,

yet every day buyers allow others to make decisions for them.

These others could be an accountant, a relative, a friend or even a real estate agent.

Yes, you certainly want to ask others advice, but my point is that while these people
may not consciously deceive or purposely lead you astray; everybody’s interest is
different, each has their own goals and yours are always going to be different and
sometimes conflict with mine.

Rule No 6 – Strive to be innocent

To Power Negotiators, smart is dumb and dumb is smart.

When you are negotiating, you’re better off acting as if you know less than everybody
else does, not more.

Have you ever noticed that as soon as people admit they really don’t understand
something, a lot of people rush in to help them out?

Try saying something like “I don’t know … I’m new to this, you’re the experts, so
you’re going to have to help me out understanding this.”

You will often find others smile, thinking they have this pigeon just where they want
him, take him under their wing and help him out.

Of course that’s usually just when you

have them where you want them.

They often reveal more than they care

to about their own needs and what
they are willing to concede.

Most of us are too eager to show off just

what we know.

This can work against us.

We can often reveal too much too soon

about what we are willing to give up to get the deal.
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We must let go of our ego satisfying position of “know it all” and instead assume the
profit making position of innocence.

Do you remember the TV show Columbo?

Peter Falk played a detective who walked around in an old raincoat and a mental fog,
chewing on an old cigar butt.

He constantly wore an expression that suggested he had just misplaced something

and couldn’t remember what it was, let alone where he had left it.

In fact, his success was directly attributable to how smart he was-by acting
dumb.
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His demeanor was so disarming that the
murderers came close to wanting him to
solve his cases because he appeared to
be so helpless.

The reason for acting innocent is that it

diffuses the competitive spirit of the other
side.

How can you fight with someone who is

asking you to help them negotiate with you?

How can you carry on any type of competitive banter with a person who says, “I don’t
know, what do you think?”
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Most people, when faced with this situation, feel sorry for the other person and go out
of their way to help him or her.

Rule 7. Ask Questions

Power Negotiators are never afraid to ask the other party questions or for advice.

Asking questions tends to establish a climate of trust.

If you are not happy with the response you get try and ask another question such as,
“Why do you say that?”Even if you know the answers.

This does two things; it buys you some thinking time and it forces the other
party to better justify their stated position.
Invested in property?
Always ask why.

Most people are afraid to reveal their true

motives.

Ask why and it may get this information out in the

open.

Listen carefully.

If you listen carefully enough, you will

discover everything the other party really
wants out of the deal.

Most of us listen to how a person talks more than what he or she says.

Try to understand what is really being said.

To become a successful property investor you need to learn these skills of

Power Negotiators, or at least get a professional negotiator on your side as part of
your team.

By the way…that’s what the buyers agents at Metropole do all day every day.

Level the playing ^eld and get the team at Metropole on your side
If you’re looking for independent property investment advice to help you become
financially independent, no one can help you quite like the independent property
investment strategists at Metropole.

Remember the multi award winning team of property investment strategists

at Metropole have no properties on the market to sell, so their advice is unbiased.

Whether you are a beginner or a seasoned property investor, we would love to help
you formulate an investment strategy or do a review of your existing portfolio, and help
you take your property investment to the next level.

Please click here to organise a time for a chat. Or call us on 1300 20 30 30

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About Bryce Yardney

Bryce is a property development specialist, having successfully sourced,
project managed and completed hundreds of development projects for
Metropole’s clients, helping them create substantial wealth.Visit
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