As you negotiate with the other party in a homebuying transaction, you and your counterpart are both seeking the best deal for your clients. Being flexible and entering the negotiations with a three-point plan will give you an edge as you discuss options with the other side. Lifestyle site Lifehacker.com recently shared tips to improve your position in negotiations.
First, know exactly what the deal you want is. Called your "aspiration point," this should be "ambitious but realistic" and represent the best deal you believe the other party could agree to. Research similar deals and have your clients list both their desires and their needs to define your aspiration point.
The minimum deal your clients will agree to is your "reservation point." You and your clients should keep this to yourselves, but work to uncover the other party's reservation point. This will focus primarily on your clients' needs.
Finally, you should plan for the "Best Alternative to a Negotiated Agreement," or "BATNA." If you and the other party can't come to an agreement, this serves as your escape hatch. Perhaps you advise the other party that your clients are willing to drop the deal, or start with a fresh angle that hasn't been broached yet.
With those guidelines in place, you and your clients will improve communications among yourselves and put you in a stronger position for reaching an agreement with the other party.
Source: "Negotiate Anything With This Three-Point Plan," Lifehacker.com (July 11, 2017)
