Negotiation: Phoenix Commercial Real Estate (Part 1)
Throughout this year, Menlo Group Phoenix Commercial Real Estate has focused intensely on gathering additional education and skill on Negotiation technique and etiquette. We have read many books, including Roger Fischer and William Ury’s Getting to Yes, to David A. Lax and James K. Sebenius’ 3D negotiation. Additionally, we have attended and gathered certification as a Masters in Certified Negotiation Expert (MCNE), a six part class designed for real estate professionals to hone their negotiation skills. As part of this pursuit to become great negotiators, several of us have recently returned from a seminar on Negotiation techniques taught at the prestigious Harvard Law School. The class was intense and full of exciting dialogue mixed with mock negotiations that allowed us to better develop our skills for the Phoenix commercial real estate market. The class was made up of representatives from 6 different countries, and mainly consisted of lawyers and business executives. What we learned:
- Negotiation has been described as the art of letting the other party have your way. In order to do this properly, it is critical that you gather information to understand the underlying interests of each party. Often times both parties want to discuss the “price” and details pertinent to the negotiation prior to understanding all the interests that are driving the positions. At the Menlo Group we have created a process that allows us to ask questions and gather pertinent information to ensure that we set up the negotiation properly from the onset of the negotiation. We determine key decision makers, party interests, and deal legitimacies to name a few. Can you expand on what that process is? Don’t give away secrets but support your claim a little.
- It is human nature that when we receive push-back on an idea or position that has been presented, we often meet that resistance with push-back as well. This creates a standoff that is all too often difficult to gain around. A true negotiator will take time to understand why each party is pushing back and do all they can to identify the interests that created the basis for their opposite position. When interests are discovered, solutions that work for both parties can often be identified allowing the deadlock to break free.
TBC… Menlo Group: Phoenix Commercial Real Estate
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