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Tuesday, December 7, 2010

Negotiating Advice

"Never Negotiate Hungry" (or Tired)

Some of the best negotiating advice has very little or nothing to do with actually negotiating.

I was reminded of that reading an article about how to negotiate the purchase of a new car.

"Eat before you go to the dealer," the author advised, because the process could take a couple hours, and if you're starving, that will make you distracted and impatient (not sure if this advice still applies in the Internet age).

Negotiation "When" and "Where" (vs. "How")

Similarly, my best real estate negotiating advice is, "never negotiate tired."

I suppose someone, somewhere, will lose out on a midnight deal that way, but my guess is that most Buyers will be happy they did.

Wait till you're fresh, even if that means concluding negotiations for the night.

P.S.: A close second is, "never negotiate on your cell phone in your car -- unless you're very focused on the deal, in command of all the details, etc."

Even then, it's advisable to delay things for a minute or so until you can pull over and take adequate notes.

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