By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | © All rights reserved
When it comes to negotiating with the enemy, don’t simply react on the basis of emotion.
Instead, it’s important to think through whether it even makes sense to negotiate. In real estate, the “enemy” can mean the opposing side of the transaction; a buyer or a seller; another realtor. These questions can help you determine whether to negotiate or not:
1. Interests:
What are my interests? What are my adversary’s interests?
2. Alternatives:
What are my alternatives to negotiation? What are my adversary’s alternatives?
3. Potential negotiated outcomes:
Is there a deal that could satisfy both parties’ interests better than our alternatives to negotiation?
4. Costs:
What will it cost me to negotiate? What – if anything – will I lose in terms of money, time, and reputation? Could negotiating set a bad precedent?
5. Implementation:
If we reach a deal, is it likely to be carried out?
By analyzing these five points, you can assess the inherent benefits and costs, opportunities and risks of entering into a negotiation, even with an enemy.
Summary: When negotiating with an adversary, ask basic questions about benefits, costs, opportunities, and risks to help determine whether to bargain or resist.
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.
Ilan is often called upon by the media when covering Toronto’s real estate market and can be found on LinkedIn, Instagram, YouTube and Facebook.