The Monday Negotiation Minute
Focus on interests, not positions.
Your chances of negotiating a deal you’re happy with can get a major boost if you focus on underlying interests, rather than who should get their way.
Breaking things down into basic needs, wants and motivations will highlight new ways forward to reaching the negotiated outcome you want.
Imagine two real estate agents who are on opposite sides of the negotiation table. Naturally, both are intent on bringing home a great deal for their clients. They are worlds apart at first; pricing usually the main issue for both parties.
The experienced negotiator will immediately start identifying basic needs, wants and motivations that may offer new paths to a negotiated agreement.
Price aside, what’s motivating them to buy or sell? Have they already bought or sold another property? Do they have a deadline we are unaware of? Do they require a long or short closing date? What are the consequences of them not making a deal? What terms or conditions can we identify and use to motivate them to accept a lower or higher price?
Armed with this understanding of each other’s interests helps us find interest based solutions that meet each parties needs.
Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team. Since 2002, Ilan has been privileged to advise and service thousands of buyers and sellers, enabling them to reach their real estate goals.