Donald Trump’s Winning Strategies in the Art of Negotiation
Negotiating a deal can either make or break you in real estate. The purchase price is on top of the list when it comes to negotiating a deal in real estate. However, there are more to consider such as: terms of payment, guarantees, warrantees and other conditions stipulated in the contract.
In the Trump Blog, Donald Trump shared some of his strategies in negotiating a winning deal:
- Know what you’re doing
- Remember, it takes a lot of smarts to play dumb
- Keep them a bit off balance
- Trust your instincts
- Don’t be confined by expectations
- Know when to say no
- Be Patient
- To speed up negotiations, be indifferent
- Remember that in the best negotiations, everyone wins
According to Donald Trump,
"Negotiation is an art. All the arts require discipline, technique, and a dose of imagination to take them beyond the realm of the ordinary. Don’t be an ordinary negotiator when you can be an extraordinary one. Devote time to this art and it can bring you enormous rewards."
I remember when I was practicing as a real estate broker, you can never say it’s a done deal not unless you have deposited the cheque. The buyer and seller may agree on the purchase price but during the negotiation process things may still change. In fact, one of my real estate transactions almost did not push through because of the type of cheque used. Sounds pretty simple but it turned out complicated. My client paid a down payment using his personal cheque. The seller would not accept it because he wanted a cashier’s or bank cheque. My client wanted to cancel the deal because he was offended by the seller…a cultural thing. My negotiating skills had to rescue the deal. I was quick to divert the attention to the contract instead of taking things personally. We added an additional clause in the contract to make both parties happy.
I agree with Donald Trump that negotiating is an art. It involves the human psyche and emotions. You need to be responsive, sensitive and alert to the terms of the deal. If you want a winning deal, it takes more than being a yes and no person. You need to work your way to get what you want without necessarily aggravating the other party. As Donald Trump said "…in the best negotiations, everyone wins".
Related Stories
POSTED IN: People Who Made it Big in Real Estate, Road to Profits
0 opinions for Donald Trump’s Winning Strategies in the Art of Negotiation
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: