I think there is an art to it it’s a craft, the negotiating training this morning in the office and the reason, negotiating it be is because it’s the one area of the deal where people need me the most and they need me the most they think I have the most confidence and the confidence that I have going to the deal comes from experience and it comes from honestly – practice practice practice because no matter what you’re selling you’re selling. Two different people you’ve got a seller and a buyer and in every negotiation you’ve got price you’ve got pressure and you’ve got persistence those are the three P’s remember that is it can be a nice little instructional.
An iPhone cost to make now you’re not going to negotiate the price of an iPhone because there’s too strong demand but let’s say there wasn’t strong demand then you can negotiate or you can find a retailer who’s going to sell it to you for cheaper because it doesn’t cost nearly as much to make that phone. As it does for you to buy it real estate is the same way a deal that’s listed from 10 8 down to 10 so 10 million bucks the offer originally came in at 8 million dollars okay that seems like it’s way too far apart. If I go to the seller he’s going to say you got to come up they’re going to say oh no this is my offer so what do you do what do you do you remember the price you want to try to get – which in this instance was around 8 and a half that’s where we thought we’d get a deal done and the legacy price what the seller paid seller paid six point five. So, even at our low terrible awful offer that sellers making money that’s a good thing to remember and to consistently remind each side and then you let time saturate the emotions of the deal and you use repetition you only paid six five even if this bullshit offer you’re making money.
There are clients who are losing million and they use pressure right the fear of a falling market and the fear of missing out every seller fears they’re not going to get their price going forward because maybe the market could change every buyer has a little fear that they’re going to lose it a little fear they’re going to miss out and then you’re trying to find the price in the middle where both sides will say we came to that number because that’s the max or the minimum that I’m willing to go to get this deal done.