Negotiating is a skill that you use every day in your life. Learning how to effectively master this skill will benefit you in every aspect of your life. Dealmaking involves negotiations that give both parties some of what they want. Learning when and how to use your skills and knowledge gives you the advantage. That advantage only comes with practice.
This is an excerpt from my book Real Estate Dealmaking A Property Investor’s Guide to Negotiating.
All great professionals practice their craft by rehearsing and role-playing. Negotiators sharpen their skills by experiencing the trials and tribulations of actual negotiations. However, well-thought-out role-playing with a genuine goal of re-creating that negotiation can clearly help the person who wants to hone his or her skills.
The following pages are full of tools to use in role-playing. For effective learning, I ask you to commit to using the honor system and not read the role-playing pages in Appendix G that correspond with this exercise. Instead, read the description for your character in each of the three situations described. You’ll find your opponent’s profile in the role-playing exercises in Appendix G.
I recommend you divide your role-playing into three segments:
- The first segment should be five minutes long. At the sound of the timer, immediately stop the negotiation and take a two minute break to gather your thoughts, review any notes you’ve made, and plan your next moves.
- The second segment should be four minutes long, stopped by the sound of the timer, and followed by a two-minute break.
- The third and final segment should be only three minutes long, and both negotiators should understand that the deal must he closed during this round.
For more information on preparing for negotiations, read Real Estate Dealmaking A Property Investor’s Guide to Negotiating.
