The Secret to Success in Negotiation

Negotiation is a part of life. From the time we are born we are negotiating to have more time to play to when we are much older and negotiate to pick up a bargain at a garage sale. We either learn through our own efforts to negotiate and come out a winner or we are out- negotiated and nine out of ten times do not even realize it. There are many tips and suggestions to help negotiate better, but there is one that has been immortalized by a very powerful person who commands respect.
When Vito Corleone was having an important business meeting, his business associates, as well as his son Sonny, were present. While Vito was listening intently to what his adversary was suggesting, Sonny blurted out what his thoughts were, and what he was thinking. Vito immediately apologized for his son’s interruption. After the meeting, Vito told his son something that everyone can benefit from when negotiating. “Never tell anybody outside the family what you are thinking again.” He said this in a way that showed he meant what he said. It was the words of a powerful man giving his son valuable advice.
Marlon Brando has had many great roles, and this line has to rate up there with some of his best. The leverage you have in a negotiation is the information you know and have that the other party does not. It does not even have to be information per se. If you let the other party know how you are feeling, he may use this to his advantage. If, for example, you say you are hungry, he knows he has you right where he wants you. He will try to delay things as long as possible until you cannot stand to be hungry any longer, and you are willing to give in to some issues so you can go eat.
You can express that you are optimistic about achieving a resolve in the matter. Everyone wants to deal with someone who is optimistic, as opposed to a hardhead who just refuses to budge. Negotiation is a matter of give and take. When you give, look for something that you can take to even things out. Some people like to state their bottom line up front to save time. When the other side hears this, they may not interpret this as a bottom line. To them, this may just be a starting point. Everyone always thinks the other side has more to negotiate with. Even if you say this is your bottom line, make sure that you are holding something back, for that may be the deal maker.
Remember to always be an informed real estate investor, and don’t forget that your biggest negotiating tool is in your head.