For Christmas I got a stocking stuffer, a small book titled “Mind Games” by Micheal Powell. It provides step-by step instructions for 50 mental feats including topics like how to beat a lie detector, decipher body language, and win a game of chess. My favorite chapter and one so appropriate for my industry is a 16 step plan for negotiations.
Here’s an abbreviated version.
1. Achieve a WIN/WIN situation
2. Aim higher than what you expect to get
3. Look to solve the other person’s needs
4. Enter into a process of give and take
5. Begin your negotiation armed with a list of concessions
6. Take your time
7. Don’t give away something for nothing
8. Always get the other person to name their price first
9. When you hear something you don’t like, remain silent, then say, “Hmmmm”
10. Don’t make unrealistic demands
11. Don’t be afraid to walk away and if you do, do it confidently
12. Maintain emotional distance.
13. Consider the total package not just the dollar amount.
14. Don’t be greedy.
15. Negotiate with the “Decider”
16. First establish a relationship by agreeing on certain issues.
Other chapters that could help in the real estate industry: Cutlery Bending, Aura Reading and The Principles of Fire Walking