![]() You might consider creative deal structuring to break through the resulting impasse. Sellers are looking at the prices paid for their neighbors’ houses a few years ago, while buyers are looking at comparable transactions from the past few months to try to determine the fair price. You think the seller is in denial about the slump in the housing market, which has affected prices in your town quite a bit. But when you offer that amount, the seller says you are “not even close” and doesn’t counter. By your estimate, a fair price would be $500,000. The house is on the market for $600,000, but your research, backed up by your broker’s opinion, tells you it’s overpriced. ![]() Here’s an example of this methodology in action: This is very true for real estate negotiations.” One of the core challenges in negotiations is identifying value-creating moves: things that are cheap for me to give and valuable for you to receive, and vice versa. My recommendation is to assess the type of negotiations you’re trying to accomplish-whether you’re negotiating the best deal for yourself or, ideally, a win-win situation. “My negotiation strategy was influenced by the book ‘Dealmaking: The New Strategy of Negotiauctions’ by Guhan Subramanian. Assess the Type of Negotiation & Identify Value-creating MovesĬhris Lim, president, Christie’s International Real Estate So taking the deal away can be effective to create urgency for getting the deal done and for your relationships with clients as well.”Ħ. In addition to that, it’s always good as a broker to demonstrate you don’t just want to rush to do any deal for clients-you want the best deal for them. This works with buyers and sellers and in any market. So we can sometimes use ‘pull’ in our strategies. “ It’s important to remember that, in negotiations, the one with the power is the one who will walk away. Sometimes being the boldest pays off with the biggest successes for your clients and your business. “Whether I’m selling a home for $1 million or $130 million, the minute the buyer likes it, every other agent would run to write the offer. And we can pull: yes … pull the deal away. We persist, relentless in our pursuit of getting to yes. For example, we push information, data, proactive help, understanding and listening. This helps us have options as the discussions progress or regress. “For negotiations, we follow the 3 Ps: push, pull, and persist. Ryan Serhant, broker, CEO and founder, SERHANT
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